BASF Venture Capital invests $13.5 million in U.S.-based company Allylix
BASF Venture Capital GmbH has invested $13.5 million in Allylix, Inc., a U.S.-based renewable specialty chemicals company. The BASF subsidiary led a $18.2 million financing round , joined by existing investors Tate & Lyle Ventures, Avrio Ventures and Cultivian Ventures.
Allylix has a proprietary technology platform to produce a wide variety of renewable specialty chemicals, such as terpenes and their derivatives, for several industries – including flavor and fragrance, food ingredients and cosmetics. The technology, based on fermentation, allows for the creation of highly pure, renewable compounds that have previously only been available from natural resources in limited quantities.
“Our investment in Allylix could allow us to broaden our use of renewable raw materials for sustainable chemical solutions in the future and leverage our competency in aroma chemicals, nutrition and cosmetic chemicals ,” said Dr. Daniela Proske, Principal at BASF Venture Capital America. “The company has demonstrated the ability to produce high-quality products at scalable commercial quantities and at a lower price point, which is one of several compelling reasons to invest in Allylix.”
Other news from the department business & finance
