(Posted Tue. Jul 24th, 2018)
Lygos, a biotechnology company based in Berkley, California, recently announced the closing of $15.5 million of Series B financing. Lygos was a winner of the first ever Consider Corn Challenge, an open innovation contest put on by the National Corn Growers Association.
“We are thrilled that one of our Consider Corn Challenge winners was able to receive this level of commitment and funding to move towards the path of commercialization for their Bio-MalonicTM acid (Bio-MA) product family,” said Feed Food and Industrial Action Team Chair Bruce Peterson. “This is a great success story of one of our winners and we look forward to following Lygos’ continued progress.”
Lygos was one of six inaugural Consider Corn Challenge winners announced in February 2018. The biotechnology company is focused on developing new bio-based chemicals. Lygos’ technology can convert corn-based sugars into high value environmentally friendly products that compete directly with incumbent petroleum-based options.
“I am excited to announce that NCGA will be moving forward with another Consider Corn Challenge contest,” Peterson added. “This year’s contest generated 33 submissions from eight countries. The 2019 contest will follow a similar format to this year’s challenge. NCGA will be revealing additional details about the next Consider Corn Challenge in the near future.”
To learn more about Lygos and their funding, click here.
To learn more about the Consider Corn Challenge, click here.