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Oryxe Raises VC Round to $27M

Irvine-based Oryxe Energy International Inc. has boosted its third round of venture funding to $27 million.

Oryxe, which develops and distributes fuel additives, said funds from Washington, D.C.-based Paladin Capital Group raised its round of financing by another $9 million. Paladin invested via its homeland security fund.

Other investors in the third round included Costa Mesa-based Odyssey Venture Partners and New Jersey’s Ridgewood Capital.

Oryxe is selling its diesel fuel additive to energy producers in Texas. The company said its additive helps improve fuel performance and cut toxic emissions.

The company’s chairman and chief executive, Walter Schindler, is founder and managing partner of Odyssey.

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