Segetis raises $25.5 million in Series C round; Saudi Basic Industries joins as strategic investor

August 16, 2012 |

In Minnesota, Segetis 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.

The new financing is expected to accelerate the company’s progress in ramping up the supply chain and commercialization of its high-performing renewable chemicals.

More about Segetis

Segentis is an early-stage developer of green chemical building blocks – specifically, biobased monomers derived from the combination of levulinic acid esters and biobased hydroxyl compounds.

The company was last in the news in May, when Georgia Gulf Corporation announced an agreement with Segetis to offer a new flexible vinyl compound based on Javelin technology bio-plasticizers. The Segetis bio-based plasticizers are built on its platform of cellulosic-based levulinic ketals, which Segetis has branded as Javelin technology.

According to company data, the plasticizers are compatible across a wide loading range improve permanence, bring faster processing speeds and elevated temperature performance.

In 2010, KiOR and Segetis were named to the TiE50 as the top startups of 2010, by TiE, a global, not-for-profit, organization dedicated to fostering entrepreneurs, and sponsored by top venture capital, legal and accounting firms and Fortune 500 corporations. In all, 3,747 companies were nominated, and 287 finalists had been announced.

Segetis, SABIC reaction

“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. .”

“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.”

Expanded board of directors

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.

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