Tuesday July 16, 2019 0 comments
BOULDER -- DMC Biotechnologies, an early-stage biotechnology company, announced it raised a $10.3 million Series A equity financing led by Sofinnova Partners.
The company also announced the addition to its board of directors of Josko Bobanovic, partner and manager of the Sofinnova Industrial Biotech Fund.
Current investors Capricorn Venture Partners and Breakthrough Energy Ventures also participated in the fundraise. This funding builds on the company’s successful non-dilutive awards to date which exceed $1.8M from the National Science Foundation, the U.S. Department of Energy, and the U.S. Department of Agriculture.
DMC makes bio-based products using enhanced microbial fermentation. The development of microbes and associated bioprocesses has historically been complicated, slow, and costly. DMC said it is deploying its technology to reduce biological complexity and enhance the speed of development, creating a low-cost, fermentation-based manufacturing platform that has the capability to produce a broad diversity of products.
The company said its platform enables low-cost distributed manufacturing of existing products and new-to-the world products that are only accessible using the precision of biology.
“We have been impressed by a unique technology, an exceptional founding team, and significant potential for rapid commercial growth,” said Bobanovic.
“This funding round brings together like-minded investors who share the team’s vision of creating a capital efficient, multiproduct, biochemicals company.”
“We are excited that Sofinnova appreciates the potential of our proven technology and shares our vision of the commercial path for the company,” said Matt Lipscomb, DMC’s CEO and co-founder.
“We look forward to working with them as we bring our specialty amino acids product family into the marketplace and as we continue to build our robust product pipeline.”
“We are continuing to invest in DMC because their approach and technology are differentiated in the sector and they have demonstrated strong progress the past 1.5 years,” said Rob van der Meij, senior investment manager at Capricorn Venture Partners.
“We look forward to working with Sofinnova and the DMC team to support the company’s commercial efforts across multiple global markets.”
“DMC’s synthetic biology platform has the potential to transform traditional product and chemical development by dramatically reducing time-to-market and costs,” said Carmichael Roberts, of Breakthrough Energy Ventures.
“The technical implications of DMC’s science in the fuels and food sectors drew us to the company and we are excited to be part of their journey.”
With this funding, DMC said it plans to recruit additional top talent in senior management, metabolic engineering, and fermentation for locations in Boulder and Durham, N.C. as it advances its first products to commercial scale.