Amyris Biotechnologies Inc., an Emeryville, Calif.-based synthetic biology company that developers renewable hydrocarbon biofuels, has closed the first tranche of a $70 million in Series B funding. DAG Ventures led the deal, and was joined by return backers Khosla Ventures, Kleiner Perkins Caufield & Byers and TPG Ventures. A second tranche is expected to close later this year.
The company raised $20 million in Series A funding last year, and named for BP executive John Melo as CEO. VentureWire quotes Melo as saying that the Series B round came with a post-money valuation of $470 million. www.amyrisbiotech.com