Agilyx lands $25M Series C round
By Erik Siemers
Agilyx CEO Chris Ulum said the company's latest investment round will be part of its 'war chest' for when international and domestic expansion opportunities arise.
For the second time this year, Tigard-based waste-to-fuel startup Agiliyx Corp. has raised more than $20 million from investors.
The company on Monday announced a $25 million Series C round led by new investor Keating Capital Inc.
Founded in 2004 when it was known as Plas2Fuel, 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.
In March the company secured a $22 million Series B round led by prominent Silicon Valley venture capital firm Kleiner Perkins Caufield & Byers, with participation by waste industry giant Waste Management Inc. and Paris-based Total S.A., one of the world's biggest gas and oil exploration companies.
Since the Series B round, Agilyx said it has closed $25 million in sales, tripled the size of its work force -- which included just 30 people in March -- and increased the amount of revenue produced from oil production.
|Take a look behind the scenes at Agilyx|
"This represents another major achievement for Agilyx," CEO Chris Ulum said in a news release
The new financing round -- which included participation from the previous investors -- will be used to provide working capital for marketing, business development and new project development.
"More importantly, (it will) allow us to build a war chest to continue to scale our operations and to use when domestic and international expansion opportunities arise," Ulum said. "With new partner Keating Capital on board, we continue to address key issues like our insatiable need for oil and the incessant growth of landfills with our solution of turning difficult to recycle plastics to synthetic crude oil."
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