Agilyx raises $25 million in series-C round: IPO in 2012?

In Oregon, Agilyx has raised $25 million in series-C funding led by Keating Capital, and the startup has already raised funds from Waste Management, venture firm Kleiner Perkins, French oil giant Total, and investors at Chrysalix Energy, Saffron Hill Ventures and Reference Capital.

The company uses a process called “anaerobic thermal reclamation” to turn plastic into a gas, which is then condensed into its own crude oil product.

A couple of items for industry observers to note. Series C rounds have been notoriously difficult to complete in the past year. Significant that Agilyx got it done.

Perhaps more intriguingly, Keating Capital typically invests in pre-IPO companies, generally within six months of a filing. So, there’s good reason to believe that Agilyx will file an initial public offering in the first half of 2012.