BASF Invests in Renewable Chemicals Company
BASF Venture Capital GmbH recently announced it has invested $13.5 million in Allylix Inc., a U.S.-based renewable chemicals company. The BASF subsidiary led a $18.2 million financing round, joined by existing investors Tate & Lyle Ventures, Avrio Ventures and Cultivian Ventures.
Allylix reportedly has a proprietary technology platform to produce a variety of renewable specialty chemicals, such as terpenes and their derivatives, for industries including food ingredients, cosmetics, and others., Based on fermentation, the technology allows for the creation of highly pure, renewable compounds that have previously only been available from natural resources in limited quantities.
“Our investment in Allylix could allow us to broaden our use of renewable raw materials for sustainable chemical solutions in the future and leverage our competency in aroma chemicals, nutrition and cosmetic chemicals,” said Daniela Proske, Ph.D., principal of BASF Venture Capital America. “The company has demonstrated the ability to produce high-quality products at scalable commercial quantities and at a lower price point, which is one of several compelling reasons to invest in Allylix.”
Terpenes and their derivatives are rarely accessible by chemical synthesis and have previously only been available from natural resources in limited amounts. Allylix’s metabolic and protein engineering technology platform is protected by 57 patents, and reportedly allows the company to quickly develop and produce by fermentation high-value specialty chemicals at relatively low investment, and at a lower cost than traditional production methods.
For more information, visit www.basf-vc.de or www.allylix.com.