Solazyme Continues to Raise Funds
Solazyme has raised over $76 million, with the latest “Series C financing round” closing with $57 million.
Solazyme, Inc., a renewable oil production company and leader in algal synthetic biology, announced that it has surpassed $76 million in funding, which includes a $57 million Series C financing round that just closed. Solazyme uses microalgae biotechnology to produce clean and scalable fuels, “green” chemicals, edible oils and health and wellness products.
Braemar Energy Ventures and Lightspeed Venture Partners led the financing round and were joined by other new investors including VantagePoint Venture Partners. All major existing investors participated in the round, including The Roda Group, Harris and Harris Group, and Solazyme Chairman Jerry Fiddler. The round also included new strategic investors in key target markets. All funding has been dispersed to Solazyme and will be used to move the company to commercialization.
“This most recent funding validates the unique value of our oil production platform and adds to our already strong financial position. Solazyme’s mission is to answer the increasing global demand for clean and renewable sources of oil. We offer sustainable and scalable technology that provides unique solutions for addressing four of the largest challenges facing our country and our planet: increasing energy demand, heightened energy security needs, energy related environmental degradation and hunger,” said Jonathan Wolfson, CEO of Solazyme.
This is good news. One thing that would quickly kill the whole algae biofuel industry is a lack of funding. This is best illustrated by GreenFuel Technology closing its doors due to credit crunch. The good news is that while GreenFuel failed, many other companies, like Solazyme, are succeeding.
