Heliae, a Gilbert, Arizona-based algae technology solutions company, has raised $15m in funding.
The investment was made by international conglomerate Salim Group’s agribusiness company, PT. PP London Sumatra Indonesia Tbk, through its wholly-owned subsidiary, Agri Investments Pte. Ltd.
The company intends to use the financing for continued research and development at its demonstration facility in Arizona and taking steps toward operating an R&D center in Indonesia that will serve the region.
Co-founded in 2008 by Chairman of the Board Frank Mars as a spin out form Arizona State University, and and led by President and CEO Dan Simon, Heliae aims to develop and validate technology solutions for the commercial production of algae for a variety of potential uses including food & feed, fertilizer, chemicals, pharmaceuticals, cosmetics, and fuel.