USA – Biosynthetic Technologies, an Indianapolis IN-based biotechnology company, raised $7.5M in Series A-1 funding.
The round was led by HG Ventures.The company intends to use the funds to scale operations, sales and manufacturing, support work on global regulatory compliance, and enable a deeper lifecycle assessment. The money also helped fund Biosynthetic Technologies’ acquisition of Innoleo®, LLC, a distributor of quality Oleo derivatives.Led by Mark Miller, CEO, Biosynthetic Technologies provides biobased synthetic compounds called Estolides that are made from organic fatty acids found in various bio-derived oils. These highly functional biosynthetic oils have numerous uses in lubricant, automotive, marine, pharma and personal care applications and can be used as the primary base oil of a formulation, a component of a base oil co-blend, or even as an additive. In addition to their high-performance properties, these renewable oils are biodegradable and nontoxic.04/02/2022
