Heliae, a Gilbert, AZ-based developer of platform technology that produces high-value products from algae, raised $28.4m in funding.
Backers included new investor Mr. Thomas J. Edelman, and existing investors such as select members of the Mars family and the ASEAN-based global conglomerate Salim Group, through one of its subsidiaries, Agri Investments Pte Ltd.
The company intends to use the funds to support the operation and expansion of its first commercial facility in Gilbert.
Led by Dan Simon, president and CEO, Heliae has commercialized Volaris, a mixotrophic algae production platform, which uses sunlight and low-cost carbon feedstocks to produce high-value products from algae.
The company – a spinout from Arizona State University – is leveraging its core production technology into four target markets: nutrition, therapeutics, health & beauty and agrosciences.