NexSteppe, a South San Francisco, CA-based provider of sustainable feedstock solutions for the biobased industries, raised $22M in its third round of funding.
Backers included new investors Total Energy Ventures and ELFH Holding GmbH, which joined existing investors Braemar Energy Ventures, CYM Ventures, DuPont Ventures and others.
The company intends to use the funds to continue to improve its Palo Alto biomass sorghum and Malibu sweet sorghum product lines, available to customers in Brazil and the U.S., as well as to launch additional product lines and expand its market development efforts around the world.
Led by founder and CEO Anna Rath, NexSteppe is a seed company focused on developing crops that provide optimized raw materials for biofuels, biopower and biobased products. Sugars and biomass from its tailored crops can be processed by biomass boilers, anaerobic digesters and biorefineries into several products such as electricity, first and second generation biofuels, plastics and chemical intermediates.