Agilyx Obtains $25 Million Series C Financing

Agilyx Corp.,  Beaverton, Ore., has secured $25 million in Series C funding to help it develop its waste plastic to synthetic crude oil. The new round of funding was led by Keating Capital, along with its existing inventors Kleiner Perkins Caulfield & Byers; Saffron Hill Ventures; Waste Management Inc.; Total Energy Ventures International, an affiliate of Total S.A.; Chrysalix Energy Venture Capital; and Reference Capital. 
 

Agilyx says it is the first company to economically convert difficult-to-recycle waste plastic into synthetic crude oil. The company processes all types of plastic scrap, including those with high levels of non-plastic contamination, turning it into high-value, synthetic crude oil. The company adds that Agilyx is the only company with a known refinery off-take agreement in place and crude oil shipments underway. 
 

“This represents another major achievement for Agilyx,” Chris Ulum, Agilyx Corp., CEO. “This new round of financing will provide us with working capital to fund marketing, business development, the deployment of new projects, but more importantly, allow us to build a war chest to continue to scale our operations and to use when domestic and international expansion opportunities arise. 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.” 
 

Earlier in 2011 Agilyx secured $22 million in funding to accelerate growth and expand business operations. Since then, the company has accomplished a number of milestones—including closing $25 million in sales, tripling its workforce and increasing oil production and revenue.