Heliae raises $28.4 million for Gilbert expansion

In 2008, Arizona State University algae research turned into a real-life company with the establishment of Heliae. Existing and new investors recently gifted Heliae $28.4 million to expand its headquarters in Gilbert. The funds will go towards building Heliae's first commercial algae manufacturing plant for personal care and nutrition supplement markets.

"The sustained support of existing investors, as well as the addition of new investors, demonstrates our momentum and continued success in scale-up,"  says Dan Simon, president and CEO of Heliae.

Funding came from the Mars family, conglomerate Salim Group via Agri Investments Pte Ltd., Thomas J. Edelman, and others. Heliae is partnered with Arizona State University, Science Foundation Arizona, Algal Biomass Organization, and Wageningen University.