Tuesday, November 13, 2012

Biosynthetic Technologies Gets $7M

Irvine-based Biosynthetic Technologies, a firm developing synthetic biomolecules from plant oils, has raised $7M in funding from Monsanto, in addition to other funding from BP Ventures and other investors, the firm said recently. The company--which was part of the OCTANe Launchpad program--said the deal was part of a license and supply agreement between Monsanto and Biosynthetic Technologies. Biosynthetic said its bio-based synthetic oils "match or exceed" the performance characteristics of the highest quality petroleum-based oils currently used in the automotive and industrial lubricant sectors. Biosynthetic technologies is headed by Allen Barbieri, and has also been known as LubriGreen Biosynthetic Oils. More information »