(Yicai Global) Jan. 10 -- Chinese bioplastics developer Bluepha Microbiology Technology has completed its CNY1.5 billion (USD235.4 million) Series B round of funding to increase its output.

The latest Series B3 round tallied about CNY800 million (USD125.5 million), jointly led by Genesis Capital and China State-owned Enterprise Mixed Ownership Reform Fund, the Beijing-based biodegradable plastics maker said in a statement today. Last year, Bluepha raised nearly CNY700 million via its Series B1 and Series B2 rounds of funding.

Bluepha is a pioneer in China's market of PHAs, referring to a family of bacteria-based biodegradable plastics. Single-use PHAs are compostable but other biodegradable types of plastic may be cheaper to manufacture and have a longer shelf life.

The proceeds of the Series B fundraiser will be used to build and operate PHA production facilities and to develop a synthetic biology research and development platform. The company will also explore new products for regenerative medicine and engineered probiotics.

Founded in 2016, Bluepha started building its first product pipeline to make 25,000 tons of PHA per year in eastern China's Jiangsu province on Jan. 1. The firm has obtained orders from several clients after passing performance verification by certain Fortune 500 companies.

Editor: Emmi Laine