Biosynthetic Technologies Secures Series A Financing Led by HG Ventures
Biosynthetic Technologies (BT) is developing and providing Estolides, fluids which combine excellent performance and environmental sustainability. They have recently announced that they have completed their Series A round of financing led by HG Ventures. John Glushik, Managing Director of HG Ventures will join Mark Miller, CEO of BT on the Board of Directors.
HG Ventures invests at the pre-revenue and pre-product stage, but wants to see the development of a dedicated, full-time executive team. Their geographic focus is in the United States but they are open to opportunities in other countries.
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.
“Biosynthetic Technologies’ sustainable-hydrocarbon product line is well-timed as the industry is demanding environmentally safer alternatives while also demanding higher performance,” said John Glushik, Managing Director of HG Ventures and Vice President, New Ventures. “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.”
“I’ve been interested in the unique capabilities of the Estolide technologies for over 20 years,” says Mark Miller, CEO of BT. Mr. Miller is an experienced entrepreneur and a well-known pioneer in the bio-lubricant space. “I’ve watched Biosynthetic over the years, have been very impressed by their development and I’m thrilled to be part of the team. Lubricants, additives and functional fluids are our first markets, but we see this as a platform with much broader applications.” The company is exploring utilizing Estolides in plastics, rubbers, personal care and several other diverse markets. Varying production cycles, feed stocks, catalysts and other inputs changes the products made, allowing the Estolide to be custom tailored to the application.
“Getting quality products to market is job one,” Miller continues. “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.”