Colorado, United States [RenewableEnergyWorld.com] OPX Biotechnologies Inc. announced the final closing of its Series B financing round. The round raised US $17.5 million for the company to fund biofuels and green chemistry process development and demonstration.
The company said that the funding will be used to advance development of its proprietary OPX Efficiency Directed Genome Engineering (EDGE). The company said that the EDGE technology enables optimization of bioconversion processes to transform renewable biomass feedstocks into fuels and green chemistry products at lower cost than petroleum-based alternatives.
“While oil will be an important energy feedstock for years to come, OPX is catalyzing the most significant transition in the US $1 trillion fuels and chemicals market in the last 80 years – the transition to economical and renewable feedstocks,” said Erik Straser, OPX board member and general partner at MDV.
Braemar Energy Ventures led the financing. New OPX investor Altira Group LLC and earlier round participants Mohr Davidow Ventures (MDV) and X/Seed Capital Management joined Braemar in this round. Based in Boulder, Colorado, OPX was founded in 2007, employs 25 people today and expects to double its team over the next year.