More funds, new CEO for Segetis

Green chemistry company Segetis is starting 2010 armed with influx of cash from new investors and a new CEO.

According to their press release, which I received last night, Segetis was able to closed a $17.2m series B round of financing coming the Malaysian Life Sciences Capital Fund and co-managed by Burrill & Company. DSM Venturing also participated in the investment as well as Segetis’ first major investor Khosla ventures.

Segetis, for those who haven’t seen my previous post about them, started its new facility in Minneapolis last year that has the capability to produce up to 250,000 pounds/year of renewable-based chemicals and chemical building blocks such as L-ketals for potential applications like plasticizers, polyols, solvents, surfactants, adhesives, etc.

Now why would Malaysia be interested in Segetis, you might ask? Probably because Segetis uses glycerin as one of their raw materials, and glycerin can be produced largely as a co-product from biodiesel production or fatty acid production – and those use vegetable oil like palm oil.

Segetus said it will use their new funds to drive near-term commercialization of their levulinic ketal technology.

And speaking of new CEO, our ex-Cargill friend Jim Stoppert will now be ex-Segetis as well as he is expected to retire and be replaced by Atul Thakrar, who came from Boston-based specialty materials startup Soane Energy. He also held positions before Soane at Cytec Industries and Rohm and Haas.

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