Solazyme completes venture capital round

New York, Dec. 21 - Solazyme said it completed a financing round led by The Roda Group of Berkeley, Calif.

"We are extremely pleased to have received such strong support from both existing and new investors," said Harrison F. Dillon, chief executive officer and co-founder of Solazyme, in a news release. "The new round of funding will allow us to expedite our development efforts."

Solazyme did not disclose the size of the financing.

Solazyme, based in Menlo Park, Calif., is using algae to manufacture bioactive compounds for treatment of diabetes, heart disease, cancer and other select indications. These compounds are strong candidates for introduction to both pharmaceutical and non-pharmaceutical markets, it said.

In conjunction with the financing, Roda managing director Dan Miller joined the board.

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