Genomatica raises $41.5m for bio-based butadiene production
Genomatica has raised an additional $41.5m in a Series D round of preferred stock financing for bio-based butadiene production.
Genomatica has pooled the investment with the help of its existing partners and Versalis, the new butadiene partner.
The investment which has been raised has increased significantly, when compared to the Series C-1 round of financing, announced in March 2011.
Genomatica has withdrawn the registration statement filed with the US Securities and Exchange Commission on 23 August 2011 in relation to a proposed initial public offering.
Daniele Ferrari, Versalis CEO, said Genomatica has demonstrated abilities to develop economically attractive process technologies that can enable a new approach for the industry.
"We share a common view of how the industry can evolve and we're excited about joining forces on bio-based butadiene," Ferrari added.
Christophe Schilling, Genomatica CEO, said after evaluating all of our financing options, the company determined that this private financing was the most attractive option for Genomatica and in the best interest of our shareholders.
"We're especially pleased by the vote of confidence that will help us bring our first process for BDO into commercial production by our partners.
"We believe we have the market opportunity, the technology, the partners, the team and the capital to continue to execute and accelerate our business plan to be a technology leader for the global chemical industry."