Plaxica, a London, UK-based technology and licensing company focused on the production of innovative biopolymers and platform chemicals from renewable resources, raised £8m in Series C funding.
The round was led by Imperial Innovations Group plc (AIM: IVO), which committed close to £3.9m and will hold a 35% stake, with participation from existing investors Invesco Perpetual and NESTA Investments, which contributed £3.9m and £0.25m respectively.
The company intends to use the funds to construct its second lactic acid demonstration plant and to advance a number of partnership and licensing talks.
Founded in 2008 based on work of Professor Vernon Gibson and Dr Edward Marshall at Imperial College London, and led by Philip Goodier, CEO, Plaxica has developed technology that enables the manufacture of a range of high performance polylactic acid (PLA) polymers and intermediates with applications as diverse as packaging, electronic goods, automotive parts and textiles.
They also represent a sustainable alternative to current oil-based materials as they are bio-based, fully recyclable and have a smaller environmental footprint.
The company has a pilot plant facility at the Wilton Centre in Cleveland.