Startup Virdia is joining hundreds of biotech companies trying to make low-cost sugar to replace oil and food crops.
The company today announced new financing, including $30 million of venture capital from existing investors Khosla Ventures, Burrill & Company and Tamar Ventures. Mississippi also provided the company with $75 million in low-interest loans and tax incentives to build an operation in the state.
Founded in 2007, Virdia uses acid hydrolysis to separate the sugar from the cellulose in wood chips. Once it has done so, the company intends to sell the resulting sugar into the existing "commodity carbohydrate markets&… Read more