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Bright Capital leads $15m deal for renewable energy developer Agrivida

12 Sep 2012

US-based bioenergy group Agrivida has closed a Series C funding round, raising $15m for its development and commercialisation.

Renewable energy investor Bright Capital Partners led the round with Us venture firms Kleiner Perkins Caufield & Byers and DAG Ventures also participating.

In addition, Prairie Gold, Presidio, Gentry Venture Partners, Northgate Capital, Alexandria Real Estates Equities and Syngenta Ventures also committed capital.

Agrivida CEO Mark Wong said, ‘The financing will enable us to continue the development and commercialisation of our proprietary INzyme platform, which will allow our partners to produce non-food biomass with properties customised to enhance specific chemical processes, including generation of cellulosic biofuels and other related products, within existing infrastructure.’

Agrivida said it plans to commercialise its platform through alliances across the bioindustrial product supply chain.

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