The speciality chemicals developer will celebrate the launch of its first enzyme-manufactured chemical product, a grapefruit flavour and scent, during 2018.
Oxford Biotrans, a UK-based speciality chemicals-focused spinout of University of Oxford, today received £2.1m ($2.8m) in a series A round led by commercialisation firm Touchstone Innovations.
University of Oxford also provided capital, as did Oxford Investment Consultants, which manages the investment vehicle Oxford Technology and Innovations EIS Fund. Perivoli Innovations, a fund operated by the philanthropic Perivoli Schools Trust, also took part.
Founded in 2013, Oxford Biotrans has developed enzyme processing techniques to produce high-value chemicals at a lower cost than other technologies.
An enzyme-based process for producing nootkatone – which emulates the flavour and scent of grapefruit – is underway ahead of a commercial launch scheduled for 2018.
The money will help Oxford Biotrans develop enzyme processes for other chemicals to target different market segments, and the spinout said a number of these have already reached advanced development.
Additional capital will be used to recruit employees and expand the workspace available for its business.
Touchstone Innovations previously led a $3.9m series A round in 2015 backed by University of Oxford, commercialisation firm IP Group, fragrance supplier De Monchy Aromatics and Oxford Technology and Innovations.
Touchstone held a 41% stake in Oxford Biotrans as of the 2015 round, after also contributing $974,000 in seed funding two years earlier.
Will Barton, chairman of Oxford Biotrans, said: “We are delighted that our major investors have continued to support us through this new funding round and that we have also been able to attract a new investor to the fold.
“The business has built a solid foundation that now supports a step up in headcount and workspace which will be exploited to take our exciting pipeline of development products to market.”
