Existing investor Osage joins the $15m series B round of Liquid Light.
Osage University Partners has joined Liquid Light’s $15m series B round, which also included existing investors VantagePoint Capital Partners, BP Ventures and Chrysalix Energy Venture Capital. Sustainable Conversion Ventures joined as a new investor.
Liquid Light is working on technology to turn carbon dioxide into other industrially relevant chemicals such as ethylene glycol which is used to make PET-based plastic bottles. The market for that chemical alone is worth $27bn a year. The company only emerged from stealth six months ago but had been operational for several years.
Osage University Partners joined the company’s investors in December 2011 during the $8.5m series round. Osage is a venture capital fund specialising in university spin-outs and companies licensing technology from institutions. It has partnerships with more than 50 affiliated universities, national labs, and research institutions.
The new investments were made at a significant increase in Liquid Light’s valuation, and will be used to complete the company’s process development at pilot scale.
Kyle Teamey, chief executive at Liquid Light, said: “This financing provides further validation of both the market need for our technology and our progress in developing an advantageous solution. We are focused on delivering great process technology to serve our industry partners.”
