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02/18/2009 10:05 AM
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University of Colorado Biofuel Spin-off Raises $12M
SustainableBusiness.com News
Boulder, Colorado-based OPX Biotechnologies, Inc. has closed a $12.1 million series C round of financing, according to the Boulder County Business Report.
The company uses a technology platform licensed from the University of Colorado (known as SCALEs) to enable
genome search and modification to
optimize the microbes used for producing biofuels and biorefined
chemicals.
OPX's goal is to decrease production costs and capital
requirements for
renewable fuels and chemicals. The company, which spun out of CU's Technology Transfer Office in 2007, said it will use the funding to expand staff from 20 to 40 employees and ramp up engineering work.
The company aims to raise an additional $2.9 milion by the end of the fquarter.
OPX
is funded by Braemar Energy Ventures, Mohr Davidow Ventures and X/Seed
Captial.
Website: http://www.opxbiotechnologies.com/
