BioAmber Inc., a developer of bio-based succinic acid, has raised $45 million dollars in a Series B financing that will accelerate the commercialization of succinic acid and modified PBS (polybutylene succinate, a renewable, biodegradable polymer).
The round was led by NAXOS Capital Partners and included Mitsui & Co, Sofinnova Partners, and the Cliffton Group. Proceeds will fund ongoing development work in the field of succinic acid, including the second generation organism being developed with Cargill, the technology licensed from DuPont that converts succinic acid to 1,4-butanediol (BDO).
BioAmber will also strengthen its management team and build out its in-house R&D capabilities to accelerate the development of its adipic acid platform. BioAmber operates the only dedicated biobased succinic acid plant and has partnerships with market leaders including Cargill, DuPont Applied Biosciences, Mitsui & Co. and Mitsubishi Chemical.