Thursday, May 29, 2008

EdenIQ Raises Venture Round

Encino-based EdenIQ, which is developing cellulosic ethanol technology for the clean energy sector, has quietly raised a round of venture capital as part of the firm's spinoff from Altra Biofuels. According to EdenIQ's web site, current investors in the firm include Draper Fisher Jurvetson, DFJ Element, Kleiner Perkins Caufield & Byers, Angelno Group, Omninet, The Westly Group, Duff Ackerman & Goodrich, and Northgate Capital. Altra Biofuels said earlier this month that the firm had spun out EdenIQ, and will own 30% of EdenIQ, but did not disclosed details of the venture funding. EdenIQ's VP of Sales and Marketing, Will Gardenswartz, declined to comment on the funding, saying that the company will "have much more to say" about the firm in the near future. EdenIQ is headed by former Altra Biofuels head Larry Gross. A report last month in the "New Energy Finance Weekly Briefing" pegged the size of the investment at $30M. More information »

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