Rennovia takes $6 million to turn organic feedstocks into specialty chemicals
While the idea of deriving biofuels from organic feedstocks (corn, sugarcane, switchgrass, for example), has been getting a lot of attention recently, there’s another, even more lucrative side of the business. Many of the same companies working on biofuels have also been converting these materials into biorenewable, sustainable chemicals for various industrial applications. But it’s the core focus of a company called Renovia, which just raised $6 million toward a goal of $12.3 million, according to a filing with the SEC.
While the Menlo Park, Calif.-based company didn’t list any investors in the recent round, it was previously backed by 5AM Ventures and Versant Ventures. Rennovia has some pretty stiff competition from other companies working on the same thing, either exclusively or not, including LS9, OPX Biotechnologies and Novomer.
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About the Author, Camille Ricketts
Camille is the lead writer for GreenBeat. She came to VentureBeat from Google where she worked on its traditional platforms team, particularly in TV. Before that, she was a reporter for the Wall Street Journal in New York and London. Follow her on Twitter at @camillericketts, and follow VentureBeat on Twitter at @venturebeat.