Evonik Venture Capital, the corporate venturing unit of speciality chemical developer Evonik Industries, has backed a $7m series B round for US-based biotechnology company Algal Scientific Corporation.
The round was led by Formation 8 and featured Independence Equity.
In April 2014, Algal obtained a $3m series A round from Evonik, Formation 8 and Independence Equity. The company also secured $1.6m in seed funding and grants from Michigan Pre-Seed Fund, Michigan State, US Environmental Protection Agency, and Accelerate Michigan Innovation.
Founded…
