The company said the financing came in the form of both an equity investment and a debt facility that was provided by Comerica and ATEL Ventures.
The equity investment was led by both existing investors, including Kleiner Perkins Caufield & Byers, Draper Fisher Jurvetson, Cyrus Capital, The Westly Group, Angeleno Group, I2BF Global Ventures and Element Partners as well as a new investor, Flint Hills Resources Renewables.
EdeniQ president and CEO Brian Thome said, "The investments by these prestigious organizations allow EdeniQ to continue our strategy of taking advantage of the existing infrastructure in place across the country and providing a proven pathway to increased sugar yield."
Through its easy-to-integrate products, EdeniQ increases yield and output at existing ethanol plants and provides a pathway to transition to cellulosic feedstock.
EdeniQ’s Cellunator mills a wide variety of biomass, including non-food plant materials, into small, uniform pieces of feedstock that can be easily converted, at very low cost, to sugars, the company claimed.
Kleiner Perkins Caufield & Byers investment partner John Denniston said, "EdeniQ’s approach – integrating specialized enzymes with its proprietary mechanical equipment for plant material milling – has the potential to deliver consistently improved costs in cellulosic sugar production."
