Qiming Ventures leads $18 million round of financing for LanzaTech
Qiming Ventures has led an $18 million Series B round of funding for New Zealand clean tech firm LanzaTech, while Softbank China Venture Capital and two of LanzaTech’s existing investors from its Series A round - US-based Khosla Ventures and K1W1 from New Zealand - joined Qiming in the financing.
LanzaTech recently entered into an ethanol-production agreement with Chinese steel and iron conglomerate Baosteel and the Chinese Academy of Sciences in an effort to further commercialize its technologies that use industrial wastes, such as steel mill off gases, to produce fuels and chemicals. According to co-founder of LanzaTech Sean Simpson, the financing will allow the company to expand in terms of both production capability and its focus area.
In 2007, Lanza Tech reportedly raised $3.5 million in its first round of funding that was led by Khosla Ventures, which is based in Silicon Valley.
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