Bioengineering export Genomatica has announced it has issued $90 million in its latest equity offering, a move which is said to allow the company to ‘fully execute on its business plan and fuel new growth opportunities’, which include sustainable technologies.
Contributors to the funding include Casdin Capital, the new lead investor, Viking Global Investors, the company’s largest shareholder, and organism engineering partner Ginkgo Bioworks.
Genomatica has also announced its has developed its relationship with Ginkgo in order to ‘accelerate biotechnology innovations for widely-used chemicals.’
Eli Casdin, Chief Investment Officer of Casdin Capital, said, “Biotechnology promises to enable the chemical industry in remarkable ways. That said, only businesses with strong fundamentals and commercial products will be successful.
“Genomatica is one of the few companies with that profile and fresh capital now enables them to grow that position substantially.”
Genomatica is developing a new process to make 100 percent biobased nylon-6 to enable a more sustainable clothing industry. As part of the developed Gingko collaboration Gingko will provide greater access to its foundry capabilities and services, a move that will better position Genomatica to expand its products and make every day items more sustainable.
Jason Kelly, CEO of Ginkgo Bioworks, said in a statement, “Genomatica has delivered high-volume bio-based chemicals to market at costs competitive with petrochemical production, not just once but multiple times.
“We’re doubling down on renewable chemicals through our close relationship with Genomatica – and we’re honored to continue to partner with the best in the market.”