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EnviroTech :: Biotech

BioAmber Closes Series B Funding Round

2:19 PM MDT | May 5, 2011 | Vincent Valk

BioAmber (Minneapolis), a maker of biobased succinic and adipic acid, has completed a Series B funding round, raising $45 million. Naxos Capital Partners (Luxembourg), a venture capital firm, led the round, which was joined by Mitsui's venture capital arm. Mitsui & Co. announced a succinic acid supply agreement with BioAmber late last month. The round will fund construction of a major biosuccinic acid plant in North America and fund continued development work, including a license from DuPont on making 1,4-butanediol from succinic acid. The company's Series A...

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