BioAmber announced that it has closed $45 million worth Series B financing round to fund adipic and succinic platforms. The round was by an European-based capital fund company, NAXOS Capital Partners.
The funds will hasten the commercialization of modified PBS (polybutylene succinate polymers) and biobased succinic acid. Mitsui is a new investor in BioAmber. The financing round has been co-led by Sofinnova Partners, largest shareholder in BioAmber. Other inventors participating in the round are Cliffton Group and Mitsui & Co. Venture Partners.
The Series B financing will help the company to reinforce its status as the market leader in biosuccinic acid and will also support the construction of a commercial-scale manufacturing facility in North America. In addition, the investor round will fund BioAmber’s development activities that are progressing in the succinic acid field. The work includes development of innovative purification process along with MATRIC, conversion of succinic acid into to 1,4-butanediol (BDO) using the DuPont-licensed technology, production of biosuccinic acid using non-food feedstock and development of second generation organism with Cargill.
The company will strengthen its management and in-house research and development capabilities to speed up its adipic acid platform development.