(Yicai Global) Aug. 9 -- Bluepha Microbiology Technology, a Chinese bioplastics maker, has raised CNY430 million (USD66.4 million) in a Series B2 financing round, led by Country Garden Venture Capital.

Existing shareholder Lightspeed China Partners, as well as Huaxing Healthcare Capital, Optimas Capital, Hongxi Investment, and Taihe Capital, also took part, the Beijing-based company announced today. Taihe Capital was also the exclusive financial advisor.

Established in 2016, Bluepha has banked more than CNY600 million in financing over the past six months.

The latest funds will go to build a plant for the large-scale production of polyhydroxyalkanoate, an independently developed fully biodegradable polyester. The project will be based in China’s eastern Jiangsu province, and will be able to make 100,000 tons of PHA a year. It will be divided into three phases, with the first phase’s 5,000-ton capacity coming online by next year.

Bluepha has in-depth knowledge and strong capabilities in the research and development of synthetic biology technology, and it can quickly and efficiently transform scientific research results and promote breakthroughs in degradable plastics, said Francis Kao, assistant partner at Lightspeed China.

Editor: Futura Costaglione