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High value renewable chemical products for industrial and consumer : $15 million in funding from Khosla
:: 02 May, 2007
Segetis, a privately held green chemistry company, today announced that it has secured $15 million in funding from Khosla Ventures. The Series A funding will be used to further the development of Segetis' portfolio of high value renewable chemical products for industrial and consumer applications using inexpensive feedstocks from agriculture and forestry. Samir Kaul, General Partner at Khosla Ventures, has joined Segetis' board of directors. Doug Cameron, Chief Scientific Officer at Khosla Ventures, has joined Segetis' board and is serving as the company's interim chief executive officer.
"For decades, the production of many products of every day life from plastic table tops to shampoo bottles to car seat cushions has been dependent on fossil materials such as petroleum, gas and coal," said Sergey Selifonov, President, CSO and Founder, Segetis. "Green chemistry can deliver novel cost-competitive products that perform at par with or better than the existing petrochemical goods."
Segetis' bio-based chemical products from renewable agricultural and forestry feedstocks can be used for production of novel bio-plastics, surfactants, plasticizers, adhesives, coalescent solvents and other compounds for specialty chemical applications. Segetis' chemistries offer distinctive opportunities for product enablement and synergies for industries engaged in chemical processing of vegetable oils, manufacturing of biodiesel, processing of starch and sugar crops, processing of wood, cellulose and paper pulp, and manufacturing of linear alpha-olefins and other compounds. "The world's petroleum reserve continue to decline, and now is the time to start investing in the development of sustainable technologies, including renewable energy and bio-derived feedstocks for the chemical industry," said Samir Kaul, General Partner, Khosla Ventures."
"Along with biofuels, green chemistry products may be the most important thing for global peace and welfare, for the climate crisis, and for consumers," said Vinod Khosla.
About Khosla Ventures
Khosla Ventures offers venture assistance, strategic advice and capital to entrepreneurs. The firm helps entrepreneurs extend the potential of their ideas in both traditional venture areas like the Internet, computing, mobile, and silicon technology arenas but also supports breakthrough scientific work in clean technology areas such as bio-refineries for energy and bioplastics, solar, battery and other environmentally friendly technologies. Vinod Khosla was formerly a General Partner at Kleiner Perkins and founder of Sun Microsystems. Vinod has been labeled the #1 VC by Forbes and Fortune recently labeled him as one the nation's most influential ethanol advocates, noting "there are venture capitalists, and there's Vinod Khosla." Vinod Khosla founded the firm in 2004 and was joined by partners David Weiden and Samir Kaul, as well as chief scientific officer Doug Cameron in 2006. Khosla Ventures is based in Menlo Park, California.
News inside news:
About Segetis
Segetis, Inc. is a privately held green chemistry company located in Minneapolis. Segetis offers an entirely new versatile functional monomer platform: a family of monomers accessible from low-cost renewable sources via operationally straightforward chemistry. These monomers provide the foundation for generating a plethora of proprietary polymers with various architectures and properties.
We offer an entirely new versatile functional monomer platform (a family of monomers accessible from low-cost renewable sources via operationally straightforward chemistry). The monomers provide foundation for generating a plethora of proprietary polymers with various architectures and properties. Monomer procurement and final product synthesis are accomplished entirely by chemical means.
Technology:
Segetis' chemistries offer distinctive opportunities for product enablement and synergies for industries engaged in chemical processing of vegetable oils, manufacturing of biodiesel, processing of starch and sugar crops, processing of wood, cellulose and paper pulp, manufacturing of linear alpha-olefins and
certain other compounds
Contact:
Segetis, Inc.
P.O. Box 47505
Plymouth, MN 55447
Release link: http://www.segetis.com/alpha/news.htm
