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Clean Technology

Clean Technology deal volume reversed its previous upward trend by showing an 86% decrease to $10 million in total funding among only three companies.

Half of the funding volume went to Glycos Biotechnologies, which received $5 million in new venture capital financing. Glycos is developing new ways to transform the fuels and chemicals industries by using feedstocks. DFJ Mercury Venture Partners and Draper Fisher Jurvetson made the investment along with other undisclosed investors.

In the environmentally friendly pesticide space, Vestaron raised $1.8 million during the quarter. The company says that it is "developing a new generation of insecticides by employing peptides sourced from spiders."

Stealthy company Bio Architecture Lab secured $3.4 million for its unknown clean technology development. X/Seed Capital made the investment and focuses on biotechnology and electronics seed stage investments.


Venture-backed Energy company fundings decreased by 18% compared to the previous quarter. The number of companies funded also decreased 27%, from 15 in the previous quarter to 11 in the current quarter.

International oil exploration and production company Kosmos Energy raised the largest round during the quarter, securing $56.5 million from existing private equity investor Warburg Pincus. The company is focused on securing energy supplies from the west African region and has raised in excess of $165 million in the last two years.

Wilmington, MA-based Advanced Electron Beams secured $14.2 million in its third round of institutional venture capital financing. AEB has developed technology that captures the power of electron beams and delivers its energy to industrial customers.

Flagship Ventures led the AEB financing round, which also included a number of other noted venture capital firms. The company said it would use the funding proceeds to accelerate sales growth and develop additional applications of its technologies.


The Environmental sector tallied only one transaction for $2 million during the quarter, the same result as in the previous quarter. The company that received the funding, Finite Carbon Corporation, says that it "provides a single source solution for creating and monetizing carbon credits." TL Ventures and Novitas Capital made the investment. The company did not disclose how the funding proceeds would be used.

Table 1

Venture Funding Activity – 3rd Quarter 2009

Industry Total
% Change
Vs. Prior
Number of
% Change
vs. Prior
Alternative Energy $292 Million + 20 % 20 + 25 %
Clean Technology $10 Million - 86 % 3 - 50 %
Energy $117 Million - 18 % 11 - 27 %
Environmental $2 Million -- 1 --
Total $421 Million - 8 % 35 - 8 %

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