Indy Company Secures $9.5M in Funding

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The company is based at The Center on the northwest side of Indianapolis. The company is based at The Center on the northwest side of Indianapolis.
INDIANAPOLIS -

Indianapolis-based Biosynthetic Technologies has completed a $9.5 million Series A round of funding. The company, which develops fluids used in lubricants, chemicals and cosmetics, received financing from HG Ventures in Indy.

BT specializes in Estolides, which are synthetic compounds that are made from organic fatty acids found in plant oils, according to the company's website. As a result of the funding round, HG Ventures Managing Director John Glushik will join the BT Board of Directors.

"Biosynthetic Technologies’ sustainable-hydrocarbon product line is well-timed as the industry is demanding environmentally safer alternatives while also demanding higher performance," said Glushik. "We believe the market will continue to grow both in terms of synthetic performance and sustainability. We are confident we have the right team and the right product at the right time. That’s a recipe for success."

BT says the financing builds on an "exceptional year" for the company, which included an expansion of its research and development team. The company says it continues to grow its sales and marketing efforts and is moving forward with client sampling programs and pilot scale-up. 

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