Genomatica, a US biotech manufacturer of chemicals and materials, raised USD 118 million in a Series C funding round led by Novo Holdings alongside existing investors Viking Global Investors and Casdin Capital. 

The company expects to use the funds to scale production and accelerate the commercialization of its plant-based sustainable material products globally. Genomatica also plans to further develop its technology to launch new sustainable materials for a wider range of industry applications. 

The company also revealed today that it generated USD 48 million in revenue in 2020 which has grown at a CAGR of 48% since 2016.  In the previous month, the company also partnered with Cargills to build a production facility to produce Genomatica’s bio-based plastic product called Bio-BDO. The facility is expected to be completed by 2024 and will triple Genomatica’s production capacity for Bio BDO to 100,000 tons a year.

Founded in 2000, Genomatica is known as a sustainability leader in the US, producing sustainable products such as plastic, textiles, and chemicals made from plant-based alternatives to fossil fuels. The company's sustainable material product, Bio-BDO (plastic) is used in apparel, shoes, electronics, and automotive products; and its product Bio-Nylon (fiber) is used in clothing and carpets. 

Genomatic also offers a sustainable chemical product called Brontide BG which is used primarily in cosmetics and personal care applications. Apart from these products, the company also licenses its technology and partners with companies to set up bio-based production facilities. The company’s technology is used by companies such as Novmont, Cargill, BASF, and Covestro. 

The company has 2000 patents issued or pending for its range of bio-based products. Genomatica achieved unicorn status in its previous funding round in October 2018, where it raised USD 90 million.