Image by Allylix, Inc.
At a press conference held yesterday at Coldstream Research Campus at University of Kentucky, Allylix, the renewable chemicals company, announced a $1.6 million expansion, including an addition of 3,700 square feet of lab space and 14 high-paying research jobs at its facilities at Coldstream.
These accomplishments are due in large part to the faith early investors had in this startup company only seven years ago. The Bluegrass Angels, the State of Kentucky’s Science and Technology Corporation and Kentucky’s Commonwealth Seed Fund took a risk and provided Allylix the initial funding to begin its business.
Allylix has a proprietary technology platform to produce a wide variety of renewable specialty chemicals, i.e. terpenes and their derivatives, for several industries including flavor and fragrance, food ingredients, cosmetics and other markets. The technology, based on fermentation, allows for the creation of highly pure, renewable compounds that have previously only been available from natural resources in limited quantities.
Allylix has grown over the years from humble beginnings as an early stage startup, to commercialization and now to expansion. Cook + Schmid is proud to have supported Allylix along its journey to success, helping to strategically position the company in the specialty chemicals industry and increase awareness among potential customers and investors alike.
Just last month, Cook + Schmid was pleased to receive a 2012 PRSA Edward L. Bernays mark of excellence award in media relations for our results garnered on behalf of Allylix. Our team secured coverage in prominent publications including: Forbes, The Economist, Chemical & Engineering News, Perfumer & Flavorist and ICIS Chemical Business.
In the wake of that coverage, Allylix secured an $18.2 million round of financing earlier this year with $13.5 million coming from BASF Venture Capital.
We can’t wait to see what else is in store for our client. Congrats Allylix!
Images by Marvin Young