Renewable chemicals company Allylix Inc. got a $13.5 million boost from BASF Venture Capital—part of an $18.2 million financing round that included investments from Tate & Lyle Ventures, Avrio Ventures and Cultivian Ventures.
Allylix, which recently launched its fragrance material Epivone, has proprietary technologies to create terpenes and their derivatives, creating renewable compounds formerly only available from natural sources. These very pure chemicals, which can be used in flavors and fragrances, will become much more affordable through Allilyx’s fermentation process. They will no longer need to be sourced directly from limited natural sources. The company holds 57 patents on its metabolic and protein engineering technology platform.
“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 Dr. Daniela Proske, principal at BASF Venture Capital America.
“This round of funding will support the development and delivery of new compounds in Allylix’s pipeline, and will allow us to expand the market for our existing products,” said Carolyn Fritz, Allylix’s president and CEO.