Agilyx lands $22M from investors led by Kleiner Perkins
By Erik Siemers, Business Journal staff writer
Business Journal staff writer
Agilyx CEO Chris Ulum said bringing in prestigious investors such as Kleiner Perkins opens a new chapter for the waste-to-fuel technology company.
Agilyx Corp.'s method of turning waste plastic into crude oil has now produced a roster of big-name investors.
The Tigard-based company on Thursday announced it has closed a $22 million Series B round, led by prominent Silicon Valley venture capital firm Kleiner Perkins Caufield & Byers.
The round also features participation from some giants in the world of waste and energy: Houston-based Waste Management Inc., the nation's largest waste industry player with $12.5 billion in revenue last year, and Paris-based Total S.A., one of the world's biggest gas and oil exploration companies with annual revenue of nearly $225 billion.
In addition, the round included participation from previous venture capital investors; Vancouver, British Columbia-based Chrysalix Energy Venture Capital, London-based Saffron Hill Ventures and Portland-based Reference Capital, which each contributed to a $4.25 million Series A round in April 2009.
Amol Deshpande, a member of Kleiner Perkins Caufield & Beyer's GreenTech Investment Team, will join the Agilyx board of directors.
The inclusion of such big-ticket names lends further validity to the market acceptance of the company's technology, said Agilyx CEO Chris Ulum.
"No question that this is a huge milestone for us," Ulum said.
Founded in 2004 when it was known as Plas2Fuel, 30-person Agilyx has developed a technology that efficiently melts waste plastics, turning it from a solid to a liquid and then to a gas that is condensed into a synthetic crude oil.
The company is credited with being the first to sell crude made from waste plastics to a commercial refinery.
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