P2 Science Raises $9.55 Million in Series B Financing Round
New Investors BASF Venture Capital and Xeraya Capital join existing investors Elm Street Ventures, Connecticut Innovations, and Ironwood Capital Connecticut
Woodbridge, Conn. – March 1, 2017 – P2 Science Inc., a venture-backed, biorenewable chemistry company, today announced the close of a $9.55 million Series B financing round. Xeraya Capital and BASF Venture Capital co-led the round and join existing investors Elm Street Ventures, Connecticut Innovations and Ironwood Capital Connecticut.
The company will use proceeds from the round to build and run its first commercial plant, using its proprietary flow chemistry technology to manufacture specialty products. These will be sold into the flavor and fragrance, cosmetics and related markets.
“This round of financing allows us to expand operations and increase output substantially." said Neil Burns, CEO of P2 Science. “In this first commercial plant, we will produce high value products for the flavor, fragrance and cosmetics markets. In the future, we will increase our presence in the polymers, lubricants and surfactants markets with larger scale capacity.” The company’s first plant will be built in the New Haven, CT area. The company is focusing on the processing of simple renewable feedstocks including vegetable oils, terpenes from the forestry industry, and low-cost olefins to produce high value chemistry products.
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.
About P2 Science
P2 Science is renewable chemistry company, co-founded by Yale scientists, Neil Burns, Elm Street Ventures, and Yale University. Based in Woodbridge, Connecticut, P2 Science has developed a unique process technology for converting renewable feedstocks into high-value specialty products. For more information, visit www.p2science.com
P2 Science is a venture-backed, renewable specialty chemicals company, co-founded by Yale scientists, Neil Burns, and Elm Street Ventures, an early-stage venture fund.
P2 Science has developed a unique process technology for converting renewable feedstocks—including vegetable oils—into high-value, specialty chemicals. These include flavor, fragrance and cosmetics ingredients. Among the first products to be produced by P2 are vegetable-derived, cost-effective fragrance ingredients.
P2 has a laboratory in Woodbridge CT to support technology development and commercialization, as well as partnerships with major companies at a number of points along the specialty chemical supply chain.