BASF invests $13.5 million in Allylix

BASF invests $13.5 million in Allylix

9:22 PM, 12th March 2012
BASF invests $13.5 million in Allylix

LUDWIGSHAFEN, GERMANY/SAN DIEGO, US: BASF Venture Capital GmbH has invested $13.5 million in Allylix Inc, a renewable specialty chemicals company. The BASF subsidiary led a $18.2 million financing round, joined by existing investors Tate & Lyle Ventures, Avrio Ventures and Cultivian Ventures. Allylix has a proprietary technology platform to produce a wide variety of renewable specialty chemicals, such as terpenes and their derivatives, for several industries, including flavour and fragrance, food ingredients and cosmetics.

“Our biotechnological and cost-competitive manufacturing process for specialty chemicals, such as aroma chemicals, will address the consumer preference for affordable and naturally derived products. This round of funding will support the development and delivery of new compounds in Allylix’s pipeline, and will allow us to expand the market for our existing products,” said Carolyn Fritz, President and CEO, Allylix.

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