Bright Capital, the venture arm of RU-COM group from Russia, has joined $45 million investment round in sustainable chemicals company Genomatica. Other new invetsors in the round included VantagePoint Venture Partners and Waste Management. All existing investors also joined the new round such as Alloy Ventures, Draper Fisher Jurvetson, Mohr Davidow Ventures and TPG Biotech. In total, Genomica raised $84 million.
San Diego-based Genomatica has integrated bio-process engineering platform to rapidly develop organisms and processes to produce dozens of the most significant intermediate and basic chemicals from renewable feedstocks, like sugars, and later, from biomass and syngas.
Chairman of RU-COM group Mikhail Abyzov said: “Genomatica’s technology, including the breadth of chemicals it can produce and feedstocks it can use, has value in both established and emerging economies, for chemical companies, feedstock suppliers and downstream materials producers. We believe they can become the partner of choice for the chemical industry when it comes to renewable products and sustainability.”
RU-COM is a diversified business group based in Russia with investments in industrial engineering and construction management, power and coal-mining, agriculture, housing and public utilities.
RU-COM‘s investment follows a recent trend when Russian companies invest in growth rounds in Western companies such as ROSNANO investment in Plastic Logic and Russian Venture Capital investment in BrightSource Energy.