Irvine-based renewable energy and cosmetics company Biosynthetic Technologies has secured $9.5 million in Series A funding, according to company database Crunchbase, topping the city’s recent funding headlines. The cash infusion was announced May 7 and financed by HG Ventures.
According to its Crunchbase profile, "Biosynthetic Technologies (BT) manufactures a revolutionary 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, often outperforming their petroleum counterparts in similar applications. In addition to their high-performance properties, these renewable oils are biodegradable and nontoxic."
The 13-year-old company has raised two previous funding rounds, including a $100 million debt financing round in 2016.
Over the past year, seven Irvine-based energy companies have secured venture funding, totaling $12 million in new investment to the local industry.
In other local funding news, augmented reality and location-based services company TYFFON announced a $7.8 million Series A funding round on May 20, led by Tokyo Broadcasting System.
According to Crunchbase, "TYFFON was founded on November 11, 2011, by Ken Fukazawa and is based in Tokyo, Japan. TYFFON is the company developing the immersive MR (Magic Reality) contents with innovative VR x AR technologies united with our overflowing imaginations and managing Free Roam Location-Based Virtual Reality Store 'TYFFONIUM' (https://www.tyffonium.com/) to provide people with magical and special experiences in our magic reality world. TYFFON originally launched as a mobile app-developing company represented by apps like 'ZombieBooth 2,' which achieved 40 million downloads in North America."
Founded in 2011, the company has raised five previous rounds, including a $2.1 million round in 2018.
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