Newlight Technologies, a biotech company that will use microorganisms to produce biodegradable clothes and utensils, closed a $45 million Series F financing round last week. Houston-based Valedor Partners joined existing Newlight investors GrayArch Partners in completing the Series F financing.
This announcement comes a month after the opening of Newlight's commercial scale production facility in Huntington Beach. That facility was set up to produce the company's AirCarbon material, an alternative to synthetic materials made from the secretions of pollution-eating microorganisms. It will be the main ingredient in the company's two new brands: Restore, an alternative to plastic utensils and Covalent, a high-end fashion brand aimed at the eco-conscious consumer.