Solugen, a Houston, Texas-based company decarbonizing the chemicals industry, raised over $350m in Series C financing.
The round was led by GIC and Baillie Gifford with participation from Temasek Holdings, funds and accounts managed by BlackRock, Carbon Direct Capital Management, Refactor Capital, and Fifty Years.
The company intends to use the funds to expand its Bioforge technology platform, which is used to produce lower-carbon and carbon-negative chemicals & materials for its key customers, and to expand the reach of its product portfolio.
Founded in 2016 by Gaurab Chakrabarti, M.D., Ph.D., and Sean Hunt, Ph.D., Solugen aims to decarbonize the chemicals industry via a comprehensive line of environmentally-friendly products that allow companies be responsible stewards of the environment and their local communities. The company applies industrial biotechnology and green chemistry principles to re-design the production of a variety of end-use and novel chemicals. Solugen’s patented Bioforge processes produce chemicals from bio-based feedstocks and are based on breakthroughs in synthetic biology, metal catalyst engineering, and modular plant design. The company’s solutions will also address clean water, sustainable materials, safer food, and healthy personal care.