The Venture Codex

Led · Series B · May 2020

RWDC Industries develops cost-effective biopolymer material solutions, principally polyhydroxyalkanoate (PHA), which is fully biodegradable and intended as a substitute for single-use plastics. Its PHA can replace conventional plastics in items such as straws, utensils, cups, plates and lids. The company emphasizes sustainable practices and supports responsible plastic waste management, including recycling. RWDC was co-founded by Dr. Daniel Carraway and Roland Wee and was founded in 2015. The firm closed a US$133M two-stage Series B to expand operations. Proceeds will be used to increase production capacity, including a new facility in Athens, Georgia. RWDC Industries develops medium-chain-length polyhydroxyalkanoate (mcl-PHA) biopolymers produced by bacterial fermentation of plant-based oils or sugar. Its PHA is certified by TÜV Austria to be fully biodegradable in soil, water and marine conditions, degrading within weeks with no toxic residue. The company positions PHA as a commercially viable biodegradable bioplastic for a broad range of applications and has completed client trials on PHA straws and coated paper. RWDC has initiated development programs on new applications such as non-woven fabrics and expanded production capacity in Athens, Georgia. It expects its first commercial batch of PHA straws to be available in 2019. RWDC was founded in 2015 by Roland Wee and Dr Daniel Carraway and is based in Singapore. The company recently raised financing to support capacity expansion and R&D. RWDC Industries is a Singapore-headquartered biotech startup that develops and produces commercially biodegradable bioplastic. The company focuses on creating commercially viable biodegradable bioplastic products for the market. According to the article, RWDC raised $12 million in a Series A2 funding round. The round was co-anchored by venture capital firms Vickers Venture Partners and WI Harper Group. The article does not provide additional operating metrics, revenue, or detailed future plans.

Participated · Equity · Jun 2017

Edeniq develops processes and technologies, including its Pathway Technology, to produce and measure low-cost cellulosic ethanol that can be integrated into existing biorefineries with no capital investment. The company sells or licenses its solutions to U.S. ethanol plants and positions them as operationally efficient ways to increase ethanol output. Edeniq expects to more than double average customer cellulosic ethanol production over the coming year through plant optimization and technology enhancements being introduced as early as Q3 2017. Customers currently average just over 1% cellulosic ethanol and a 2% lift in total ethanol production, while best-performing plants have exceeded 2% cellulosic ethanol and a 3% lift in total production. The company’s pipeline has reached 27 plants; four are registered with the EPA for D3 RIN generation and the remainder have applied or are in trial validation. Registered co-producing plants represent approximately 400 million gallons of total ethanol production and have generated well over $1 million in D3 RIN credits less than halfway through the calendar year. Edeniq states a 120 million gallon-per-year plant can increase revenue by up to $10 million or more through integration of its technology without additional capex. Edeniq develops Pathway, a capital-light technology that produces low-cost cellulosic sugars and cellulosic ethanol from corn kernel fiber and integrates with existing fermenters at ethanol plants. The company is a leader in analytical methods required for EPA registration of co-produced cellulosic ethanol; three ethanol plants received EPA cellulosic registrations after deploying Pathway within the past four months. Edeniq sells or licenses its technologies to U.S. biorefineries and plans to use recent financing to support rapid growth in its Pathway cellulosic ethanol business, accelerate customer acquisition, and add resources for existing customers. The company is investing in sales, field services, laboratory services, and R&D and is developing technology enhancements to potentially increase the amount of cellulosic ethanol eligible for D3 RINs and other regulatory incentives. Edeniq was founded in 2008 and is headquartered in Visalia, California, with a field office in Omaha, Nebraska. Edeniq develops combined mechanical and biological technologies to break down biomass and liberate cellulosic sugars that can be converted into ethanol, chemicals, and other products. Its PATHWAY™ Platform increases ethanol yield at existing plants by 3–6% through more complete conversion of starch and corn kernel fiber. The company owns and operates a two ton per day pilot plant in Visalia, California, and is constructing a 20 ton per day demonstration plant with Usina Vale in São Paulo State, Brazil. Edeniq has a partnership with Global Bio-chem to integrate technologies in a commercial demonstration plant in Jilin Province, China, targeting production of 50,000 metric tons per year of sugars from corn stover. The company sells or licenses its capital-light, operationally efficient solutions to biorefineries in the U.S. and Brazil and plans to roll out new products and expand into new markets. Edeniq raised more than $16 million in equity to support PATHWAY™ expansion and international demonstration projects. Edeniq builds patented mechanical and biological systems — including its Cellunator mills and Pathway enzymes — that break down corn and non-food plant material into sugars for cellulosic ethanol and other renewable products. Its technologies are designed as low‑cost, bolt‑on additions to existing corn ethanol plants or for integration into new cellulosic facilities. The company operates a pilot plant in Visalia, California (built with Logos Technologies under a $25M program 80% funded by the U.S. Department of Energy) that can process two dry tons per day of feedstock and produce about 50,000 gallons per year of cellulosic ethanol. Edeniq says it is working with facilities across California and the U.S., creating the potential for hundreds of millions of gallons of cellulosic ethanol production. The company recently secured a $3.9 million grant from the California Energy Commission to advance enhancements to its cellulosic ethanol technology. Edeniq has also raised over $32 million in additional funding and entered a partnership with Flint Hills Resources Renewables. The company is headquartered in Visalia, CA, with locations in Omaha, Nebraska and the state of Sao Paulo in Brazil. EdeniQ develops processes and products that unlock sugars from renewable natural resources to supply raw material for sustainable chemical and fuel production. The company is led by President and CEO Brian Thome, CTO Dr. Thomas Griffin, VP of Business Development Peter Kilner, and CFO Scott Janssen. EdeniQ is based in Visalia, California and also has locations in Omaha, Nebraska and the state of Sao Paolo in Brazil. It recently raised over $30m in additional debt and equity financing. The equity round included existing investors Kleiner Perkins Caufield & Byers, Draper Fisher Jurvetson, Cyrus Capital, The Westly Group, Angeleno Group, I2BF Global Ventures and Element Partners, alongside new investor Flint Hills Resources Renewables LLC. As part of the financing, Jeremy Bezdek of Flint Hills Resources joined EdeniQ's board of directors.

Participated · Series C · Sep 2014

SGB is a San Diego-based agricultural biotechnology and seed company that develops Jatropha hybrids to produce sustainable plant oil, protein and biomass. Its latest generation of Jatropha hybrids has reduced time to maturity from five years to one to two years. The company intends to use the funds to drive commercial partnerships and project deployments in Central America, India and Southeast Asia. It also plans to further advance genetic improvement and agronomic best practices to maximize the crop's potential. In conjunction with the financing, Arama Kukutai joined the board as executive chairman and Miguel Motta as president and chief operating officer; Kirk Haney stepped down as CEO but remains a director. SG Biofuels is a San Diego-based bioenergy crop company developing elite hybrid seeds of Jatropha as a low-cost feedstock for biodiesel, bio jet fuel and specialty chemicals. Jatropha is a subtropical, non-edible energy crop that can be grown on marginal lands considered undesirable for food crops. SG Biofuels uses molecular breeding and biotechnology to improve yields and reduce input costs and has developed proprietary hybrid seed production technology enabling large-scale deployments of higher-yielding, uniform planting material adapted to different growing conditions. The company has signed agreements with Bharat Renewable Energy Limited (BREL) and JETBIO to deploy Jatropha in Brazil for production of bio jet fuel. SG Biofuels plans to use new capital to expand research and development, advance commercialization and scale global operations, and the company is hiring. The company is led by President & Chief Executive Officer Kirk Haney. SG Biofuels is a San Diego-based company that catalogs, develops and produces seeds for jatropha, a drought-resistant plant used to make biodiesel, jet fuel, soaps, organic fertilizers, medicines and pesticides. The company operates a crop improvement platform that it says has doubled jatropha yield and reduced input costs for growers. Two United Nations agencies reported that jatropha seeds can be processed into lower-polluting biodiesel and that seed cake can be used as fertilizer and animal feed after detoxification. Jatropha is regarded by some environmentalists as a favorable non-food biofuel source, but the crop has generated controversy: reporting cited in the article notes jatropha plantations displaced food crops in the Philippines and that forestry groups in India drained rice fields and reclassified public land to cultivate jatropha. SG Biofuels recently raised financing that is part of its current financial position and development efforts.