September 24, 2009
VC Firms, CTTV Investments LLC, Flagship Ventures, Khosla Ventures, and Lightspeed Venture Partners Invest $5 Million in .LS9, Inc.
Based in South San Francisco, California, renewable petroleum company, LS9, Inc announced today that it has closed a $5 million round of funding from CTTV Investments LLC, Flagship Ventures, Khosla Ventures, and Lightspeed Venture Partners.
LS9, Inc is a privately owned company that specializes in renewable petroleum. LS9 creates renewable petroleum by employing biotechnology to develop commercial fuels and chemicals. Synthetic biology can meet the growing demand for alternative fuels by producing fuels that have the same properties of petroleum based fuels and are compatible with the existing consumer infrastructure. The fuels that are produced by LS9 are very clean and produce very low carbon when consumed. The fuels are made from sugar-based products, such as sugar cane and cellulosic biomass.
LS9â€™s fuel is developed from a one-step fermentation process that converts plant-based material into reliable fuels and high value sustainable chemicals.
According to LS9â€™s Vice President of Research and Development, Stephen del Cardayre; the company provides a fuel that is highly clean and safe for the environment. Furthermore, these fuels are not only low carbon emitting, but are also of high quality and cost effective. Mr. del Cardayre further added that proceeds from this round of funding will go to expedite the development of more of these new biofuels and chemicals that can benefit many industries on a broad scale.
LS9â€™s technology is so innovative that by 2010, the company estimates to have a biofuel available that is practically identical to diesel and jet fuel, but less dirty. LS9 is unique because it has been able to show how it can manipulate the genetic makeup of microbes to taylor them to the needs of the productions of LS9 products.
CTTV Ventures LLC is the vc arm of the Chevron Technology Ventures, which is an investment branch of Chevron Oil. Chevron Technology Ventures invests in energy innovators who have the potential to benefit the Chevron Oil Company.
Founded in 2000, Flagship Ventures is a well respected vc firm that is devoted to the funding and realization of innovative companies. Flagship Ventures primarily invests in companies which have an innovative proprietary technology or service in the therapeutics, life sciences, tools & diagnostics, bio energy, and clean tech industries. Some other companies in Flagshipâ€™s portfolio include Advanced Electron Beams, Oasys Water Novomer, Zegen, and others.
Khosla Ventures is a vc firm that believes that an entrepreneur is a person who â€œdares to dream and who is foolish enough realize those dreams.â€ Khosla Ventures does not only offer financing to companies, but also strategic advice and help to entrepreneurs who are diligent enough to realize their ideas and extend them to new potentials.
Lightspeed Venture Capital is a vc firm that has a global presence with offices in Silicon Valley, China, Israel, and India. The vc firm currently has over $2 billion in committed investments and has opened its seventh fund of $800 million. Other companies in Lightspeedâ€™s portfolio include Ask Laila, 99Bill.com, Aerohive, Bling Nation, Car Domain, CoalTek, and others.
For more information about LS9, Inc., Click here.