Connecticut Innovations has made a $500,000 investment in P2 Science Inc of New Haven, Conn, through its Eli Whitney Equity Fund. This investment was part of a $1 million Series A funding round also involving Elm Street Ventures.
Connecticut Innovations (CI), an organization that helps Connecticut businesses grow through creative financing and strategic assistance—and is the sixth most active early-stage investor nationwide—today announced it has made a $500,000 investment in P2 Science Inc. of New Haven, Conn., through its Eli Whitney Equity Fund. This investment was part of a $1 million Series A funding round also involving Elm Street Ventures.
“We are very encouraged by the progress P2 Science has made in advancing partnership discussions with several leading companies in the flavor and fragrance (F&F) and cosmetics industries,” said Claire Leonardi, chief executive officer of CI. “Additionally, we are delighted that P2 Science is now operating its new pilot reactor and is gearing up for larger scale production in Connecticut – activities that should lead to new job opportunities as product sales commence and grow.”
P2 Science is a specialty chemical company dedicated to producing high-value, high-margin consumer and industrial product ingredients from biomass. In addition to new proprietary ingredients, the company’s products will include vegetable-based equivalents of chemical ingredients previously only available from petrochemical sources and will be suitable for direct substitution for such ingredients in customer products. Because they will be derived from soy, canola, palm and other oils, as well as wood, grass and other plant-based feedstocks, P2 Science’s products will meet the growing demand for renewable alternatives.
“We greatly appreciate the support of Connecticut Innovations. This investment enables us to secure the additional partner and customer commitments needed for us to get to market with innovative and value-added specialty chemicals,” said Neil Burns, P2 Science’s chief executive officer.
The company’s core refining steps use a P2 Science proprietary process known as hybrid ozonolysis (HO) 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. P2 Science’s HO process advances existing technology by improving efficiency, safety and end-product diversity. P2 Science has licensed some of its intellectual property from Yale University and has established collaborative relationships with industry leaders.
The company has begun manufacturing product ingredients using a pilot reactor installed at its lab in Science Park and is in discussions with several prospective customers and partners in the F&F and cosmetics industries. P2 Science also continues its research to diversify the products it can offer using a variety of feedstocks.
In 2013, CI provided P2 Science with a $500,000 seed investment and earlier provided pre-seed funding.
CI managing director of investments Daniel Wagner serves on P2 Science’s board of directors.
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is the leading source of financing and ongoing support for Connecticut’s innovative, growing companies. To maximize the growth potential of each business, CI tailors its solutions and often combines its funds with resources from other financial leaders to provide venture capital and strategic support for early-stage technology companies; flexible loans for established companies with new innovations; grants that support innovation and collaboration; and connections to its well-established network of partners and professionals. Through all these initiatives, CI has helped bring $4 billion in financing to Connecticut companies. The state’s most active early-stage investor, and the sixth most active angel/seed investor nationwide, CI has created more than 26,000 Connecticut jobs.
About P2 Science Inc.
P2 Science is actively developing customer and partner relationships in the fields of flavor and fragrance ingredients, cosmetics, lubricants, polymers and surfactants.