BioAmber Inc., a developer of bio-based succinic acid (earlier post), has raised $45 million dollars in a Series B financing that will accelerate the commercialization of succinic acid and modified PBS (polybutylene succinate, a renewable, biodegradable polymer).
The fundraising will help BioAmber strengthen its position as the market leader in biosuccinic acid and accelerate the commercialization of biosuccinic and modified PBS, including the construction of a large-scale plant in North America. It will also fund ongoing development work in the field of succinic acid, including the second generation organism being developed with Cargill, the technology licensed from DuPont that converts succinic acid to 1,4-butanediol (BDO), the novel purification process developed and scaled up with MATRIC, and the use of non-food feedstocks to produce biobased succinic acid.
BioAmber will also strengthen its management team and build out its in-house R&D capabilities to accelerate the development of its adipic acid platform.
The round was led by NAXOS Capital Partners. Joining NAXOS as a new investor in BioAmber was Mitsui & Co., a leading Japanese trading company, which participated through its Cleantech & Healthcare Investment Department. The round was co-led by BioAmber’s largest shareholder, Sofinnova Partners, a leading European venture capital firm. Also participating in the round were existing investors Mitsui & Co. Venture Partners, based in Palo Alto California, and the Cliffton Group, based in Montreal, Quebec.
BioAmber operates the only dedicated biobased succinic acid plant and has partnerships with market leaders including Cargill, DuPont Applied Biosciences, Mitsui & Co. and Mitsubishi Chemical. BioAmber is also leveraging its succinic acid experience and know-how to develop a biobased adipic acid platform. The company has offices and research labs in Minneapolis, MN, an office in Montreal, a sales office in Shanghai, China and a production plant in Pomacle, France.