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.