BASF Venture Capital invests $13.5 million in U.S.-based company Allylix
Ludwigshafen (Germany) and San Diego (California) – March 12, 2012 – BASF Venture Capital GmbH has invested $13.5 million in Allylix, Inc., a U.S.-based renewable specialty chemicals company. The BASF subsidiary led a $18.2 million financing round, joined by existing investors Tate & Lyle Ventures, Avrio Ventures and Cultivian Ventures.
Allylix has a proprietary technology platform to produce a wide variety of renewable specialty chemicals, such as terpenes and their derivatives, to several industries – including flavor and fragrance, food ingredients and cosmetics. The technology, based on fermentation, allows for the creation of highly pure, renewable compounds that have previously only been available from natural resources in limited quantities.
“The investment in Allylix allows us to broaden our use of renewable raw materials for sustainable chemical solutions in the future and leverage our competency in aroma chemicals, nutrition and cosmetic chemicals,” said Dr. Daniela Proske, Principal at BASF Venture Capital America. “The company has demonstrated the ability to produce high-quality products at scalable commercial quantities and at a lower price point, which is one of several compelling reasons to invest in Allylix.”
Carolyn Fritz, President and and Chief Executive Officer of Allylix, said: “Our biotechnological and cost-competitive manufacturing process for specialty chemicals, such as aroma chemicals, will address the consumer preference for affordable and naturally derived products. This round of funding will support the development and delivery of new renewable specialty chemicals in Allylix’s pipeline, as well as allow us to expand the market segments for our existing products.”
Terpenes and their derivatives are rarely accessible by chemical synthesis and have previously only been available from natural resources in limited amounts. Allylix’s technology platform combines biotechnology with molecular biological methods. Protected by 57 patents, it allows the company to quickly develop and produce by fermentation high-value specialty chemicalsat relatively low investment, and at a lower cost than traditional production methods.
Allylix, Inc. is a specialty chemical company developing terpene products and their derivatives for the flavor and fragrance, food ingredients, cosmetics, agricultural and other markets. Allylix's technology produces high-value natural terpenes in greater quantities, of higher quality, and at significantly lower costs than traditional sources. The company’s technology also allows for the production of novel specialty chemicals, applicable to a wide variety of industries. For more information, visit www.allylix.com.
About BASF Venture Capital
BASF Venture Capital GmbH was established in 2001 as a wholly owned subsidiary of BASF Future Business GmbH, Ludwigshafen, Germany, with the aim of exploring new growth potentials based on investment in startup companies and funds. More information about BASF Venture Capital GmbH is available at www.basf-vc.de.
BASF is the world’s leading chemical company: The Chemical Company. Its portfolio ranges from chemicals, plastics, performance products and crop protection products to oil and gas. We combine economic success, social responsibility and environmental protection. Through science and innovation we enable our customers in almost all industries to meet the current and future needs of society. Our products and system solutions contribute to conserving resources, ensuring healthy food and nutrition and helping to improve the quality of life. We have summed up this contribution in our corporate purpose: We create chemistry for a sustainable future. BASF posted sales of about €73.5 billion in 2011 and had more than 111,000 employees as of the end of the year. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN). Further information on BASF is available on the Internet at www.basf.com.