Segetis closes $17.2 million Series B funding round, appoints new CEO

In Minnesota, Segetis announced today that it has closed its $17.2 million Series B round of financing.  This new round was led by the Malaysian Life Sciences Capital Fund, co-managed by Burrill & Company, with participation from DSM Venturing and Series A leader Khosla Ventures. Segetis has an operating “semi-works” facility producing the bio-based monomers, derived from renewable feedstocks, that are being evaluated as sustainable replacements for plasticizers, solvents and polyols. Segetis will use the new funds to drive near-term commercialization of their levulinic ketal technology.

Segetis also announced that Atul Thakrar will become the new CEO of the company. Thakrar comes to Segetis from Soane Energy, a Boston-based specialty materials startup, where he was President and COO.

Segetis produces versatile, cost-effective chemical building blocks (monomers) as a base for renewable chemicals and plastics.

Segetis closes $17.2 million Series B funding round, appoints new CEO is a post from: Biofuels Digest