LS9 takes $15M to synthesize petroleum alternative
LS9, a Silicon Valley startup that hopes its technology may one day help replace petroleum, has taken $15 million more in funding.
The San Carlos, Calif. company uses synthetic biology to modify microorganisms in order to produce high-energy fuels, including to power cars (see our previous coverage).
According to the company’s own projections, it is two to three years from commercializing and selling a synthetic fuel. LS9 recently recruited president Robert Walsh, who brings several decades of supply-line experience from Royal Dutch Shell.
Despite the huge potential returns from producing synthetic fuels, the number of startups in the field is limited by the small pool of knowledgeable experts in synthetic biology. One pioneer is Craig Venter, who recently added to his own human genome project fame by announcing he is capable of creating life. His own company, Synthetic Genomics, is a competitor to LS9.
Other companies competing in the area include Amyris Biotechnologies and Codexis. Each startup is betting on its own proprietary methods to replace petroleum-based fuels.
LS9’s most recent $15 million in funding was led by Lightspeed Venture Partners. Flagship Ventures and Khosla Ventures, the company’s original backer, also participated. The company has so far taken a total of about $20 million.
Next Story: The Rubicon Project helps publishers bring order to ad network chaos
Previous Story: Intel launches a company-ranking site: CoolSW
About the Author, Chris Morrison
Chris Morrison writes about cleantech and environmental issues for VentureBeat, with occasional forays into gaming and semantic technology. He got his start writing about tech for Business 2.0 magazine, but quickly realized new media was the ticket when that institution closed its doors in 2007. Chris has also covered public equities and regulatory issues. He originally hails from southern Virginia, graduated from Evergreen State College in Washington, and now lives in San Francisco.