Segetis Raises USD25.5 Mn in Series C Financing for Commercialization of Renewable Chemicals
- Aug 20, 2012
GOLDEN VALLEY, MN -- Segetis, Inc. announced that it has raised $25.5 million in its Series C financing. Saudi Basic Industries Corporation (SABIC) Ventures B.V. led the investment with full participation by current Segetis investors including Khosla Ventures, Malaysia Life Science Capital Fund (MLSCF), and Royal DSM, through its venturing subsidiary DSM Venturing. A new Malaysian-based investor, PNB Equity Resource Corporation Sdn Bhd, also joined in this round of financing.
"As one of the fastest growing chemical companies, SABIC is a fantastic addition as a strategic investor," said Atul Thakrar, Segetis CEO. "SABIC's lead in this round and the follow-on investment from our current investors demonstrates the strong confidence and excitement in what we are trying to accomplish. The new financing will accelerate our progress in ramping up the supply chain and commercialization of our high-performing renewable chemicals."
"Innovative materials are critical to the evolution and success of the specialty chemicals and polymers industry" commented Hans Kolnaar, Managing Director of SABIC Ventures. "We often say our company has a history of breakthrough solutions that solve our customers' most pressing challenges. Segetis has game-changing technology with the capability and experience to deliver those breakthrough solutions to the market."
Segetis' Board of Directors has been expanded to include Hans Kolnaar and two experienced industry executives as independent directors, Dr. James Barber and Mr. Tjerk De Ruiter.
About Segetis, Inc.
Segetis is a technology-enabled green chemistry company producing proprietary chemical building blocks to bring transformative renewable materials to the new sustainable economy. Segetis Javelin™ Technology delivers innovative high-performance products for consumer and industrial markets with cost-effective economics and an attractive health and environmental footprint. With a team experienced in market introduction of new materials within the chemical industry, Segetis is uniquely positioned to take technology from concept to large-scale commercialization.
Source: Segetis, Inc.
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