BioAmber Inc., a Plymouth, Minnesota, USA-based chemicals company has completed a $30m Series C financing.
The round was closed in two tranches: the first one of $20m in November 2011 with existing investors Naxos Capital, Sofinnova Partners, Mitsui & Co. Ltd. and the Cliffton Group, and a second tranche of $10m on February 6th, 2012 with specialty chemicals company LANXESS.
The investment by LANXESS follows a strategic collaboration in the field of renewable, phthalate-free plasticizers. The two companies are jointly developing phthalate-free plasticizers and expect to begin sampling succinic-based plasticizers in 2012. They are also collaborating in Sarnia, Ontario, on the establishment of a world-scale bio-succinic acid manufacturing facility.
LANXESS is owner of the site and will provide BioAmber with utilities and services needed to operate the facility.
In conjunction with the investment, Jorge Noguiera, LANXESS’ Head of the Functional Chemicals business unit, has joined the company’s board of directors.
Led by CEO Jean-Francois Huc, BioAmber has developed a proprietary technology platform that combines industrial biotechnology, an innovative purification process and chemical catalysis to convert renewable feedstocks into chemicals for use in a wide variety of everyday products including plastics, food additives and personal care products.