Bioformix Raises $13.6 Million in Series A-1 Funding Round
March 13, 2012
For Immediate Release
Braemar Energy Ventures Leads Round
New York, NY/ Cincinnati, OH (March 13, 2012) – Bioformix, a developer of energy efficient sustainable monomer and polymer platforms, today announced that it has closed a $13.6 Million Series A-1 round of funding. The new round was led by Braemar Energy Ventures and includes Arsenal Venture Partners, Mitsui Global Investment (MGI) and other strategic investors. Bioformix will use the funding to expand its operations, including R&D, production and commercial sales.
Bioformix is developing a broad new class of energy efficient, biologically benign by design monomers, resins and polymers utilizing proprietary new monomer chemistry. Bioformix’s breakthrough chemistry enables a vast array of plastics, polymers, and resins that polymerize with little or no energy at high speeds. The technology offers enhanced performance and allows manufacturers across a broad range of industries to reduce energy consumption in their processes. The company’s broad platforms are flexible, providing a wide range of applications including inks, composite binders, fibers, adhesives, and packaging materials.
“The new investors represent the highest caliber of energy and technology venture capital investors and we are excited about the expertise, breadth of industry exposure and future opportunities they bring with them,” said Adam Malofsky, President and CEO of Bioformix. “This round of funding highlights investor confidence in our technology and brings much desired venture capital to the Midwest.”
“Braemar is committed to investing in companies, like Bioformix, that have developed breakthrough technology, enabling a broad platform of energy efficient solutions for the chemical industry and its customers,” said William Lese, Managing Partner at Braemar Energy Ventures. “We are extremely pleased to be leading this round of funding and supporting Bioformix’s dynamic energy efficient chemical platform.”
Bioformix was founded by Adam Malofsky, CEO, Bernard Malofsky, CTO and Chief Scientist, and Steve Levin of Acara Global.
“Bioformix’s ability to polymerize molecules rapidly with little to no energy will be appealing to customers within a broad range of industries. We are excited to be working with the Bioformix team and our co-investors to expand Bioformix's market reach to large commercial and defense markets,” stated John Trbovich, General Partner, Arsenal Venture Partners.
Yoichiro Miwa, Principal at MGI, commented: “We believe Bioformix’s chemistry has a great potential of providing a paradigm shift solution to many industries. We are very delighted to join Bioformix team and to support the global commercial success of the unique platform technology.”
About Bioformix
BioFormix is a startup company working to commercialize a high performance monomers, resins, and polymers that exhibit superior performance characteristics using proprietary new monomer chemistry. For more information, visit www.bioformix.com
About Braemar Energy Ventures
Founded in 2003, Braemar Energy Ventures is a leading venture capital firm focused on investing in transformative energy-tech and related companies contributing to global sustainability and combating climate change. Using sector expertise and experience, Braemar aims to be an engaged partner with its portfolio companies to best help them navigate the path to creating significant global impact. For more information, visit braemarenergy.com.
About Arsenal Venture Partners
Arsenal Venture Partners (AVP) is the leading venture capital firm focused on the intersection of the commercial and defense markets. AVP, formerly known as MILCOM Venture Partners, manages multiple early-stage venture capital funds including Arsenal Venture Partners II, OnPoint Technologies, and MILCOM Technologies. Through the funds it manages, the AVP team has invested in dozens of portfolio companies across three primary sectors: communications and information technology, power and energy, and environmental and industrial technologies The team has worked together for the last decade and developed a unique mix of expertise and experience necessary to execute its investment strategy. For more information, please visit www.arsenalvp.com.
About Mitsui Global Investment
Mitsui Global Investment (MGI) is a venture capital and growth equity firm that invests globally in cleantech, healthcare, and information technology sectors. MGI is the private equity investment group of Mitsui & Co. and it currently manages over $300M in capital, having offices in Silicon Valley, New York, Tokyo, Beijing, Shanghai, and London (alliance team in EMEA). In addition to providing capital, MGI proactively provide opportunities to help a company grow with multifaceted business support. For more information, please visit www.mitsui-global.com