P2 Science Inc., a Woodbridge, Conn.–based renewable chemistry company, closed a $12m Series C financing round.
The round was led by HG Ventures and Chanel, which joined existing investors Xeraya Capital, BASF Venture Capital, Elm Street Ventures, Connecticut Innovations and Ironwood Capital Connecticut and new backer Safermade. In conjunction with the funding, Kip Frey, Managing Director of HG Ventures, will join the P2 board.
The company will use a portion of the proceeds to expand production capabilities at its Naugatuck, CT green chemistry advanced manufacturing site.
Led by Neil Burns, CEO, P2 Science is a renewable chemistry company, which has patented process technologies for converting renewable feedstocks into high-value specialty products. At its site, the company uses a suite of proprietary flow chemistry technologies to manufacture novel, high performing specialty products. These products are sold into the flavor and fragrance, cosmetics and related markets. The scientific co-founders of P2 Science, Professor Paul Anastas and Dr. Patrick Foley, worked together at the Yale Center for Green Chemistry and Green Engineering. Neil Burns, CEO, has spent much of his prior career in the surfactants and oleochemicals industries.