Chicago-based Chromatin, which produces sorghum seed for food and feedstock for both animals and biofuels, announced last week that they had raised another $12 million in a Series F from Illinois Ventures and Wood Creek Capital Management. This follows a $36 million Series E financing in January 2014, and a $12.5 million debt financing back in July.
Crain’s reported that Chromatin will be using the proceeds to set up manufacturing overseas: “We’ve found a good niche,” said Chromatin CEO Daphne Preuss. “We set out a few years ago to expand into international markets. We’ve done that, but we need to create an operating footprint in some regions for logistics reasons.”
To date Chromatin has raised $72.1 million. Previous investors include BP, GE Capital, the Malaysian Life Sciences Capital Fund, Unilever, and Foragen Technology Ventures. Chromatin and now employs over 150 people.
Sorghum a grass is native to the Old World and is related sugarcane, and it can be grown on 80% of the world’s arable land. Sorghum is known for rapid maturation, weather tolerance, and high yields.
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