Arizona-based biotech firm Heliae has secured $28.4m in a venture round led by venture firm Agri Investments.
Also joining the round is investor Thomas J Edelman, helping the algae-producing firm reach a total of $43.4m in venture backing after a 2012 $15m venture round with Agri as the sole investor.
Heliae, formed in 2008, is commercialising technology spun out from Arizona State University which produces high value products from algae.
Dan Simon, chief executive of Heliae, said:“With Heliae’s first commercial plant on schedule for startup in the third quarter, the company is in the final stages of proving the viability of our flexible Volaris™ production platform and demonstrating economics at a commercial scale. The sustained support of existing investors, as well as the addition of new investors, demonstrates our momentum and continued success in scale-up.”
