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Print Edition StoriesCambridge venture capital firm Flagship Ventures has joined four other investment firms in rounding up $30 million to back a California biotechnology firm focused on making renewable fuels and chemicals.
According to a news release today, West Coast biotech LS9 Inc. raised the $30 million Series D funding from New York firm BlackRock, which led the round and boasts $3 trillion in managed assets, as well as return investors Khosla Ventures, Lightspeed Venture Partners and CTTV Investments LLC, in addition to Flagship Ventures.
The San Francisco-based biotech has a fermentation process designed to convert renewable plant-based materials into fuel and chemicals, LS9 reported. It’s been running a pilot plant for more than two years, and earlier this year, LS9 bought a new production facility in Florida.
Flagship Ventures is a 10-year-old firm that invests in companies in therapeutics, bioenergy/cleantech and life science tools and diagnostics. Among its previous investments are Alere Medical, Aspect Medical, Celera Genomics, Color Kinetics, Adnexus Pharmaceuticals, Exact Sciences, Helicos Biosciences, IDEXX and TripAdvisor.
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