(Yicai Global) Feb. 26 -- Chinese bioplastics developer Bluepha has secured almost CNY200 million (USD30.9 million) in its Series B round of financing, the largest sum among Chinese startups in the field of synthetic biology.

Lightspeed China Partners and GL Ventures are major investors in the latest round, the Beijing-based startup said in a statement today. Xiamen's Septwolves Venture Capital as well as Trinity Innovation Fund also participated.

Moreover, existing shareholders, including Frees Fund, Qianhai Fund of Funds, Zhongguancun Development Qihang Innovation Investment Fund, and Zhongguancun Development Frontier Enterprise Investment Fund took part in the round. Taihe Capital was the exclusive financial advisor.

Bluepha intends to use the funds to build a plant with an annual capacity of over 10,000 tons of its independently developed polyhydroxyalkanoate, as well as advance its research and development efforts, said Chief Executive and co-founder Zhang Haoqian.

Established in 2016, Bluepha seeks to first commercialize its take on biodegradable plastics even though the multidisciplinary field of synthetic biology may also serve the sectors of agriculture and medicine. In its Series A+ round, the startup secured tens of millions of yuan in financing in March 2020.

Synthetic biology is a revolutionary emerging field and the compound annual growth rate is expected to be nearly 30 percent by 2025, said Gao Jiankan, associate partner of Lightspeed China. Bluepha's technology has solved the sector's issues of high costs, low output, and unstable performance, Gao added.

Starting from PHA mass production, Bluepha will strive to enhance its R&D and innovation capabilities to bring one new product onto the market every year, said Li Teng, co-founder and president.

Synthetic biology will bring direct economic benefits of USD2 trillion to USD4 trillion to the world every year in the next 10 to 20 years, the McKinsey Global Institute predicted in a report last May.

Editor: Emmi Laine, Xiao Yi