The amount of the transaction was not disclosed.
The company intends to use the funds to develop a portfolio of designer molecules for the fragrances and flavorings industry.
Co-founded by biotech entrepreneurs Mike Mendez of San Diego and Dr. Jamie Bacher of San Francisco, along with polyketide experts Dr. Joe Noel of the Salk Institute for Biological Studies and Dr. Mike Burkart of University of California, San Diego, Pareto Biotechnologies utilizes polyketide pathways in its synthetic biology platform to develop “designer molecules”.
In the near term, the company will focus on developing novel molecules for the cosmetics, flavors, and fragrances industries by 2015. Longer term, it will create molecules that can be used in nutraceuticals, pharmaceuticals, and industrial commodities, such as plastics, resins, and adhesives.
Founded in November 2011 by Peter Thiel, Breakout Labs provide funding awards of up to $350,000 to early-stage companies with innovative technologies.