BioAmber Raises $45M in Series B Funding
Summary
BioAmber Inc., a Minneapolis, MN-based renewable chemistry company focused on developing and commercializing biobased succinic acid and derivatives including modified PBS, has raised $45m in a Series B financing.The company intends to use the funds to accelerate the commercialization of succinic acid and modified PBS, a biodegradable plastic offering better heat resistance and processability than other biopolymers, according to the company.The new capital 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.In conjunction with the fundingm Carole Piwnica, Managing Partner of NAXOS, join the company’s Board of Directors as Vice-Chairman.