Aurora Biofuels Secures $15M in Funding,
Appoints Scott McDonald CFO
March 17, 2010 Aurora Biofuels, Inc. has secured an additional $15 million in a recent funding round led by Oak Investment Partners, with the continued support of Gabriel Venture Partners and Noventi Ventures. This third round of financing brings the total amount of money raised by the company to more than $40 million. The new funding will be used to support the continued path to commercialization for its advanced algae biofuel technology.
Additionally, the company has hired Scott McDonald, a veteran Silicon Valley executive, as its Chief Financial Officer. Mr. McDonald brings to Aurora Biofuels a 25-year history in executive management and in planning and executing corporate strategy. He has substantial experience in operations, administration and financial oversight, and has helped to build and scale many successful startup and high growth companies.
“This additional investment will be critical as our company expands its field of operations and further optimizes its technology,” said Mr. McDonald.
Brian Hinman, Oak Venture Partner and Aurora Director, added that “Aurora Biofuels has made a significant genetic engineering achievement in doubling the productivity of its proprietary algae, and this round of funding will allow the company to demonstrate the productivity and production processes at scale.”
Mr. McDonald has lead private and public company financings, mergers and acquisitions, financial restructurings, and system implementations for Castelle (CSTL), where he was Chief Executive Officer; Conxion Corporation, where he was Chief Financial Officer and Chief Administrative Officer; and at CIDCO Inc. (CDCO), where he was Chief Operating Officer and Chief Financial Officer. Mr. McDonald holds a BS in Accounting from the University of Akron and an MBA from Golden Gate University. —A.I.M.