P2 Science Inc., a New Haven, Conn.-based specialty chemical company, raised $1m in funding.
Backers included Connecticut Innovations (CI), which made a $500k investment through its Eli Whitney Equity Fund, and Elm Street Ventures.
The company intends to use the funds for additional partner and customer commitments.
Led by Neil Burns, chief executive officer, P2 Science produces consumer and industrial product ingredients from soy, canola, palm and other oils, as well as wood, grass and other plant-based feedstocks. In addition to new proprietary ingredients, the company’s products will include vegetable-based equivalents of chemical ingredients previously only available from petrochemical sources.
It has begun manufacturing product ingredients using a pilot reactor installed at its lab in Science Park.