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Verdezyne

Verdezyne

An industrial biotechnology company that produces chemicals from renewable non-food sources

Verdezyne went into bankruptcy in 2019 and closed operations on May 15 due to a withdrawal of funding from primary investor Sime Darby. Vedezyne had an opening ceremony for a commercial facility which would have made the company the first commercial producer of dodecanedioic acid, a type of dicarboxylic acid, in the world.

Verdezyne partnered with Bio-XCell, a Malaysian biotechnology park and ecosystem. Through their partnership, Verdezyne leased 6.9 acres of land and secured a loan from Bio-XCell of RM 250 million to build their plant.

The plant was planned to run Verdezyne’s yeast fermentation technology to produce commercial diacids that can be used to make nylon and other polymers. Verdezyme has a unique process to develop renewable diacids ( dicarboxylic acids). Verdezyne’s process was said to have potential to deliver bio-based options to products that use nylon and other polymers, such as cosmetics, paints, adhesives, lubricants, fuel line tubing and toothbrush bristles.

Verdezyme was awarded ‘BioNexus’ status by the Prime Minister of Malaysia, The Right Honourable Dato’ Sri Mohd Najib Bin Tun Haji Abdul Razak, a status awarded to companies undertaking value-added biotechnology and/or life sciences activities in Malaysia.

Timeline

March 2014
Verdezyne raises a $48,000,000 venture round from British Petroleum, DSM Venturing, E. William Radany, Monitor Ventures, OVP Venture Partners and Sime Darby.
November 2013
Verdezyne raises a $6,000,000 venture round.
April 2012
Verdezyne raises a $10,600,000 venture round.
February 2010
Verdezyne raises a $9,000,000 venture round from Monitor Ventures and OVP Venture Partners.
August 17, 2009
Verdezyne was founded by G. Wesley Hatfield, Richard H. Lathrop and Robert J. Molinari.
March 2008
Verdezyne raises a $500,000 venture round.
July 2007
Verdezyne raises a $7,000,000 series C round from Life Science Angels, Monitor Ventures, OVP Venture Partners and Tech Coast Angels.
February 2006
Verdezyne raises a $1,600,000 series B round from Life Science Angels, Monitor Ventures and Seraphim Capital.

Funding rounds

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