Biosynthetic Technologies (BT) announced the completion of their Series A round of financing led by HG Ventures. The company is developing a new class of biobased synthetic molecules that are made from organic fatty acids found in plant oils. These highly functional “biosynthetic” oils have numerous uses in the lubricant, chemical, and cosmetics industries.
Formerly based in California, Biosynthetic Technologies was acquired in 2018 by Biosyn Holdings, whose shareholders are The Heritage Group and Calumet Specialty Product Partners LP. Both companies are based in Indianapolis, Indiana, U.S.A.
The Heritage Group is a family-run business holding company, and in 2018 it launched HG Ventures to invest in early- and growth-stage firms. HG Ventures is the corporate venture arm of The Heritage Group. HG Ventures supports innovation and growth across The Heritage Group by investing and partnering with private companies developing new technologies and approaches in both their core and adjacent markets. They leverage the world-class expertise of The Heritage Group operating companies and research center to offer a unique value proposition to their portfolio company partners.
John Glushik, managing director of HG Ventures, will now join Mark Miller, CEO of Biosynthetic Technologies, in the company’s Board of Directors.
The Series A financing builds on an exceptional year for BT which made significant strides toward building the platform through product improvement and commercial production. Biosynthetic Technologies has also expanded their research and development team and continues to grow their sales and marketing efforts. They are well along in both client sampling programs and pilot scale-up, according to Miller.
“Biosynthetic Technologies’ sustainable-hydrocarbon product line is well-timed as the industry is demanding environmentally safer alternatives while also demanding higher performance,” said Glushik. “We believe the market will continue to grow both in terms of synthetic performance and sustainability. We are confident we have the right team and the right product at the right time. That’s a recipe for success.”
“Getting quality products to market is job one,” said Miller. “Having financial support and expertise from HG Ventures as well as technical resources from the Heritage Research Group will help us execute our vision even faster.”