This third round of financing brings the total amount of money raised by the company to approximately $40m. The new funding will be used to support commercialization of the company’s algae biofuel technology.
In addition, the company has hired Scott McDonald, a veteran Silicon Valley executive, as its chief financial officer. Mr McDonald has experience in operations, administration and financial oversight.
Mr McDonald said: “This additional investment will be critical as our company expands its field of operations and further optimizes its technology. I am excited to be joining a company with truly enormous potential and an ample reserve in the bank, and look forward to implementing Aurora Biofuels’ financial and operational strategies moving forward.”
Aurora Biofuels manufactures fuel from genetically optimized algae in a patented production process. The company’s investors include Oak Investment Partners, Noventi Ventures and Gabriel Venture Partners.
