Syzygy Plasmonics, a Houston, TX-based technology company developing a photocatalyst for the industrial gas, chemical and energy industries, raised $23m in Series B financing.
The round was led by Horizons Ventures with participation from new global investors including Equinor Ventures and existing investors The Engine, GOOSE Capital, and Evok Innovations. In conjunction with the funding, Patrick Poon of Horizons Ventures, joined the board of Syzygy.
The company intends to use the funds for product development, hiring and the commercialization of its photocatalytic reactor.
Founded in 2017 based on technology licensed from Rice University by Trevor Best, CEO, and Dr. Suman Khatiwada, CTO, Syzygy is developing a photocatalytic reactor to electrify chemical production. When powered with renewable electricity, the technology is able to reduce both cost and emissions from many different chemical reactions. After market entry with hydrogen, the company plans to expand into other reactions such as CO2 to value, fertilizer, and commodity chemicals.
Syzygy employs 26 and anticipates doubling its workforce over the next 12 months, hiring top-tier mechanical, electrical, and chemical engineering, project and supply chain management people. Team expansion will help continue to scale the technology to achieve its first full-size, commercial-ready chemical reactors in 2022.