Agrivida Inc., a Medford company that develops biotechnologies for agricultural and industrial processing, said that it has raised $15 million as part of a Series C financing.
Bright Capital Partners led the round. Other Series C investors include Kleiner Perkins Caufield & Byers, DAG Ventures, Prairie Gold, Presidio, Gentry Venture Partners, Northgate Capital, Alexandria Real Estate Equities, and Syngenta Ventures, Agrivida said.
Agrivida looks to develop proprietary crops and processes that will transform the economics of producing renewable chemicals, fuels, and bioproducts from non-food cellulosic biomass.
The company’s INzyme technology platform, for example, is designed to facilitate the conversion of a wide variety of biomass into low cost sugars that can be used as a petroleum substitute.
“The financing will enable us to continue the development and commercialization of our proprietary INzyme platform, which will allow our partners to produce non-food biomass with properties customized to enhance specific chemical processes, including generation of cellulosic biofuels,” Agrivida chief executive Mark Wong said in a statement.