Agilyx lands $22M from investors led by Kleiner Perkins

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Agilyx CEO Chris Ulum said bringing in prestigious investors such as Kleiner Perkins opens a new chapter for the waste-to-fuel technology company.

Agilyx CEO Chris Ulum said bringing in prestigious investors such as Kleiner Perkins opens a new chapter for the waste-to-fuel technology company.

Agilyx Corp.'s method of turning waste plastic into crude oil has now produced a roster of big-name investors.

The Tigard-based company on Thursday announced it has closed a $22 million Series B round, led by prominent Silicon Valley venture capital firm Kleiner Perkins Caufield & Byers.

The round also features participation from some giants in the world of waste and energy: Houston-based Waste Management Inc., the nation's largest waste industry player with $12.5 billion in revenue last year, and Paris-based Total S.A., one of the world's biggest gas and oil exploration companies with annual revenue of nearly $225 billion.

In addition, the round included participation from previous venture capital investors; Vancouver, British Columbia-based Chrysalix Energy Venture Capital, London-based Saffron Hill Ventures and Portland-based Reference Capital, which each contributed to a $4.25 million Series A round in April 2009.

Amol Deshpande, a member of Kleiner Perkins Caufield & Beyer's GreenTech Investment Team, will join the Agilyx board of directors.

The inclusion of such big-ticket names lends further validity to the market acceptance of the company's technology, said Agilyx CEO Chris Ulum.

"No question that this is a huge milestone for us," Ulum said.

Founded in 2004 when it was known as Plas2Fuel, 30-person Agilyx has developed a technology that efficiently melts waste plastics, turning it from a solid to a liquid and then to a gas that is condensed into a synthetic crude oil.

The company is credited with being the first to sell crude made from waste plastics to a commercial refinery.

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