Genomatica Completes $90 Million Financing to Drive Technologies for More Sustainable Everyday Products
SAN DIEGO, Oct. 03, 2018 (GLOBE NEWSWIRE) -- Genomatica announced it issued $90 million in its latest equity offering, strengthening its balance sheet to fully execute on its business plan and fuel new growth opportunities. Participants include new lead investor Casdin Capital, returning investor Viking Global Investors, which continues as Genomatica’s largest shareholder, and organism engineering partner Ginkgo Bioworks. Genomatica also announced it is expanding its relationship with Ginkgo to accelerate biotechnology innovations for widely-used chemicals.
Biotechnology innovations delivering at commercial scaleGenomatica’s commercial technologies impact everyday plastics and personal care products, and new technologies under development target textiles and fibers. “Biotechnology promises to enable the chemical industry in remarkable ways. That said, only businesses with strong fundamentals and commercial products will be successful,” said Eli Casdin, Chief Investment Officer of Casdin Capital. “Genomatica is one of the few companies with that profile and fresh capital now enables them to grow that position substantially.”
The company has delivered two commercial processes. The first, for biobased 1,4-butanediol (BDO) is an ingredient in the production of millions of biodegradable, compostable plastic bags, coffee capsules and food packaging. Genomatica’s GENO BDO™ process has made tens of thousands of tons of biobased BDO at Novamont’s $110M production plant since late 2016. The second process, for biobased Brontide ™ butylene glycol, is being used to make a range of more natural cosmetic and personal care products.
Genomatica is advancing a new process to make 100% biobased nylon-6 for clothing and carpets, to help move toward a more sustainable and circular textile economy. Genomatica’s partners include Aquafil and the EFFECTIVE consortium, a dozen firms including brands such as H&M, Carvico, Vaude, and Balsan.
Driving more innovation with GinkgoTo further accelerate the pace of Genomatica’s innovations, Genomatica and Ginkgo Bioworks have strengthened their technology collaboration, which began in 2016. Ginkgo will now provide expanded access to their foundry capabilities and services, while increasing its equity stake in Genomatica. As a result, Genomatica is better positioned to expand its product lines and grow its impact on making everyday products more sustainable.
“Genomatica has delivered high-volume bio-based chemicals to market at costs competitive with petrochemical production, not just once but multiple times,” said Jason Kelly, CEO of Ginkgo Bioworks. “We’re doubling down on renewable chemicals through our close relationship with Genomatica – and we’re honored to continue to partner with the best in the market.”
About GenomaticaGenomatica is a widely-recognized leader in bioengineering and aims to lead a transition to more sustainable materials. It develops bio-based process technologies that enable a better way to produce widely-used chemicals, from alternative feedstocks, with better economics, sustainability and performance. Genomatica has earned widespread acclaim for its technology; has commercialized processes for the chemical butanediol (for biodegradable plastics and apparel) and for butylene glycol (cosmetics and personal care); and is working on bio-nylon. Awards include the Kirkpatrick Award, for “the most noteworthy chemical engineering technology commercialized in the world” and the ICIS Innovation Award for its Brontide™ butylene glycol. To learn more, visit www.genomatica.com.
For more information:Genomatica: Steve Weiss, email@example.com