Cathay Industrial Biotech, Ltd., a Shangai, China-based industrial biotechnology company focused on producing specialty bio-based chemicals, raised $135M in funding.
Mining, chemical and energy multi-industry enterprise Shanxi Lu’an Mining (Group) Co. provided the financing.
The company intends to use the funds for additional production capacity at their existing Jinxiang facility and to build a new production site.
Founded in 1997 and led by Dr. Xiucai Liu, CEO, Cathay Industrial Biotech is an industrial biotechnology company focusing on developing and commercializing economically viable industrial biotechnology solutions for the production of specialty chemicals. It produces long chain dibasic acids (LCDA), and 1,5-pentanediamine (DN-5), a novel renewable diamine which can be largely used in polyamide and diisocyanate coatings markets.