Seattle-based startup Matrix Genetics is receiving an investment from Avista Development, the venture arm of WCTA Gold Member Avista. The company will spin out of Targeted Growth and have fifteen employees.
Matrix Genetics is focusing on cyanobacteria, an algae that creates oils. Algae might be a better source of fuel than corn-based ethanol or other plant-based raw materials.
“We appreciate the need to find alternatives to petroleum for a sustainable future, and we are excited by the progress and the promise of Matrix’s approach,” said Roger Woodworth, vice president and chief strategy officer at Avista.
Source: Luke Timmerman, Xconomy, August 29, 2012. For more on the company, see a story in today’s Seattle Times.