BASF's Biorenewable subsidiary led the round with its $30m investment in Renmatix, formerly known as Sriya Innovations.

Germany-based chemicals company BASF has taken 60% of the $50.1m series C round for Renmatix, a US-based maker of cellulosic sugars from biomass such as wood and straw.

The company only came out of stealth mode in September, having had previous backing from venture capital firm Kleiner Perkins Caufield & Byers, which had previously backed clean-tech company Amyris and whose chief executive, John Melo, joined Renmatix’s board.

According to regulatory filings for Sriya, the company first raised $7.1m…