Solugen Inc., a Houston, TX-based specialty chemicals manufacturer and a producer of bio-based peroxide solutions, closed a $32m Series B funding.
The round was led by Founders Fund with participation from Y Combinator, Refactor Capital, Fifty Years and KdT Ventures.
The company intends to use the funds to scale up its development of other bio chemical solutions and its mobile micromanufacturing platforms – mini-mills – as well as further deepen a talent pool of energy executives, chemists and award-winning scientists.
Founded in 2016 by Gaurab Chakrabarti, M.D., Ph.D., and Sean Hunt, Ph.D., Solugen produces bio-based solutions for the chemicals industry. The company’s first product, BioperoxideTM, was created using patented enzymatic technology to convert plant sugars into hydrogen peroxide and led to the manufacturing of a comprehensive line of products such as its flagship BioSolTM and ScavSolTM solutions.
Today, BioSol and ScavSol help treat, clean and oxidize water uses with oil and gas, waste water treatment and mining chemicals.