P2 Science Raises $650K in Funding

P2 Science Inc., a New Haven, Conn.-based specialty chemical company, raised $650k in funding.

The round was led by Connecticut Innovations, which made the investment through its Seed Investment Fund, with participation from Elm Street Ventures.

The company intends to use the funds to establish a production facility in the Greater New Haven region for its specialty chemicals.

Led by Neil A. Burns, CEO, P2 Science has developed a novel chemical process, known as hybrid ozonolysis, to convert biomass into aldehydes for use in fragrances and flavors, di-acids for use in cosmetics and polymers, and derivatives of aldehydes, such as alcohols, esters and surfactants, for use in cosmetics, personal care products and lubricants.
The company has licensed some of its intellectual property from Yale University and has established a collaborative relationship with the University of Alberta.

Connecticut Innovations had already provided pre-seed funding to P2 Science in 2012 (read here) and earlier in 2013 (read here).



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