The biodegradable oil company, also backed by Monsanto, secured the funds from BP Ventures and new investor Evonik.
Biosynthetic Technologies (BT), a US-based producer of biodegradable lubricants, has received an undisclosed amount of funding from specialty chemicals group Evonik and BP ventures, the corporate venturing subsidiary of petroleum company BP.
BT manufactures bio-based synthetic oils that are used across the industrial sector. It raised $9m from BP Ventures and agribusiness Monsanto in August 2013, according to an SEC filing.
Monsanto previously invested and undisclosed amount in BT as part of a licensing deal to allow the use of…
