P2 Science Inc., a New Haven, CT-based specialty chemical company dedicated to producing consumer and industrial product ingredients from biomass, recently raised $150k in funding.
The funds were provided by Connecticut Innovations.
The company intends to use the capital for activities related to product development and pilot production.
Led by Rob Bettigole (Chairman), Neil Burns (CEO), Patrick Foley (Chief Scientific Officer) and Diana Hu (Market Analyst), P2 Science has developed a novel chemical process, based on a mature process known as hybrid ozonolysis, that enables the conversion of biomass, including vegetable oils, into aldehydes for use in fragrances and flavors and into di-acids for use in certain cosmetics.
The products, derived from canola, palm and corn oils, will replace chemical ingredients previously only available from petrochemical sources, thus meeting the demand for “green” alternatives in the marketplace.
The company has licensed some of its intellectual property from Yale University and has established a collaborative relationship with the University of Alberta.
P2 Science is also funded by early stage venture fund Elm Street Ventures.
FinSMEs
27/12/2012