Genomatica, a San Diego based producer of chemicals from renewable sources including sugar, raised $45 million in a new round led by VantagePoint Venture Partners, a fund that has committed $2.5 billion to cleantech.
Bright Capital, a venture capital company, joined the round as well with Waste Management, a large provider of waste management services in North America, and the company’s earlier investors including: Alloy Ventures, Draper Fisher Jurvetson, Mohr Davidow Ventures and TPG Biotech. Altogether, Genomatica has raised $85 million in venture capital.
The company will use its new round to bring its first, commercial product mass market. The product is “Bio-BDO,” a chemical that can replace oil or natural-gas derived 1,4-butanediol (regular BDO) in the manufacture of spandex, automotive plastics, running shoes and more.
Bio-BDO is made from renewable feedstocks — a range of sugars— according to the company’s website. Genomatica expects its commercial-scale plant to make Bio-BDO will become fully operational in late 2013. The company will also spend part of its latest round developing additional chemicals from renewable sources.
VantagePoint Capital Partners (formerly VantagePoint Venture Partners, until 2011) has more than $4.5 billion in capital under management and invests in the cleantech, healthcare, and IT sectors.