Elevance Renewable Sciences Raises $50M More

Elevance Renewable Sciences, the spinout of Pasadena-based Materia, has scored $50M more in a funding round, according to a regulatory filing by the firm this week. Elevance Renewable Sciences is developing processes to take plant-based oils and turn them into specialty chemicals. Elevance spun out of Materia in March of 2008, and had previously raised at least $140M in funding. The firm's technology is based on research originally created at the California Institute of Technology. Elevance is based in Illinois. More information »