BIOSYNTHETIC® TECHNOLOGIES RAISES $7.5M LED BY HG VENTURES

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Feb 02, 2022, 09:00 ET

INDIANAPOLIS, Feb. 2, 2022 /PRNewswire/ -- Biosynthetic® Technologies , LLC today announced that it has raised $7.5 million in a series A-1 funding led by HG Ventures, the corporate venture arm of The Heritage Group, headquartered in Indianapolis, Ind.

Biosynthetic Technologies is developing and marketing a new class of high-performance bio-based oil, or Estolides, that is biodegradable, non-bioaccumulative, and non-toxic. The patented Estolides can be used as a sustainable alternative to petroleum in lubricants, metalworking fluids, personal care items, and many other applications. These products also provide improved environmental, social, and governance (ESG) calculations sought after by corporations on a global scale.

Funding from this series will be used to scale operations, sales and manufacturing, support work on global regulatory compliance, and enable a deeper lifecycle assessment. The money also helped fund Biosynthetic Technologies' acquisition of Innoleo®, LLC, a distributor of quality Oleo derivatives.

"We are excited to partner with HG Ventures," said Mark Miller, CEO of Biosynthetic Technologies. "In addition to capital, HG Ventures has brought passion, expertise, and assets to support us as we've executed our strategy for success. The market traction for our products across a wide range of industries and applications has provided us with a bright future. Everyone is seeing the need for more sustainable products, moving toward carbon neutrality, and improving ESG standards. As such, Biosynthetic Technologies is uniquely positioned to expand our business globally."

HG Ventures supports the industry's innovation and growth by investing and partnering with innovative, high-growth companies who are focused on bringing impactful R&D to market.

"Biosynthetic Technologies' focus on delivering innovative solutions for a sustainable future in industrial markets aligns with HG Ventures' mission of supporting cutting-edge innovators in markets where we can help them grow," said John Glushik, Managing Director of HG Ventures. "We appreciate the opportunity to support Biosynthetic Technologies in a manner that enables transformational growth and expansion of their product offering of sustainable materials."

For more information on Biosynthetic Technologies fundraising efforts please contact Mark Miller at [email protected].

About Biosynthetic® Technologies LLC:

Biosynthetic^® Technologies manufactures a revolutionary new class of biobased synthetic compounds called Estolides that are made from organic fatty acids found in various bio-derived oils. These highly functional biosynthetic oils have numerous uses in lubricant, automotive, marine, pharma and personal care applications and can be used as the primary base oil of a formulation, a component of a base oil co-blend, or even as an additive. In addition to their high-performance properties, these renewable oils are biodegradable and nontoxic. Biosynthetic Technologies strives to make their mark on the world by delivering innovations for a sustainable future. For more information about Biosynthetic™ Technologies, please visit www.biosynthetic.com and follow us on LinkedIn.

HG Ventures

HG Ventures is the corporate venture arm of The Heritage Group, headquartered in Indianapolis, Ind. HG Ventures supports innovation and growth across The Heritage Group by investing and partnering with innovative, high-growth companies to support a sustainable future. We leverage the world-class expertise of The Heritage Group operating companies and research center to offer a unique value proposition to our portfolio company partners. www.hgventures.com.

SOURCE Biosynthetic Technologies