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Print Edition StoriesTuesday, August 18, 2009
Biodegradable plastics maker Novomer lands $14M
By Mass High Tech staff
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Biodegradable materials developer Novomer Inc. of Boston has secured $14 million in Series B funding from Kirkland, Wash.-based OVP Venture Partners.
The financing got additional support from Flagship Venture Partners, Physic Venture Partners and DSM Venturing, and it brings the company’s total funding to $21 million, according to a post on news blog Xconomy. As part of the financing deal, Carl Weissman, managing director at OVP, will join Novomer’s board of directors.
Boston-based Novomer develops plastics and polymers made from renewable resources like carbon dioxide.
Founded in 2004 and based on technology developed at Cornell University, the company announced last October its plans to move Novomer’s marketing and busines development operations from Ithaca, N.Y., to Boston, while the company’s research and development would remain in Ithaca.
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