Eco-friendly chemicals manufacturer Solugen raises $32M in funding
Date: 2019-05-24   Author: Pankaj Singh  Category: #news

Eco-friendly chemicals manufacturer Solugen raises $32M in funding

Solugen Inc., a specialty chemicals manufacturer and world’s first company to produce bio-based peroxide solutions, has recently announced a Series B funding round, in which the company collected $32 million. The funding was led by Founders Fund, with notable participation from venture capital investors, such as- Fifty Years, Y Combinator, KdT Ventures and Refactor Capital.

Solugen Inc. secured $13.5 million last October and the capital raised is expected to fuel the company’s rapid growth the company aims to achieve in decarbonizing the chemical industry with its eco-friendly technologies, reports source.

For the record, founded in 2016, Solugen Inc. is a biotech startup that replaces petroleum-based products with plant-derived substitutes. These bio-based solutions are fundamentally changing the chemical industry. The first product by the company, BioperoxideTM, was produced using a patented enzymatic technology to obtain hydrogen peroxide from plant sugars and led to manufacturing of a line of products - BioSolTM and ScavSolTM solutions which are used for waste-water treatment and mining chemicals.

Brian Singerman, Partner at Founders Fund, was reportedly quoted saying that the company’s success proves significant demand for cleaner and greener methods of chemical production.

Solugen’s new Head of Enzymology, Toni Lee said that there is no other company like Solugen that is developing enzyme technology at such a high level. The innovative production at Solugen’s lab has potential to change the world for better as the company is considerably altering the way businesses use chemical, Lee added.

Reportedly, over the last year, Solugen’s revenue grew almost 10 times, due to multiple multi-million dollar gas and oil contracts. The company recently began construction of a 200,000 sq. ft. headquarters in Houston, housing its R&D, logistic operations and a commercial scale mini-mill, to be completed by next year. The company secured the Environmental Protection Agency’s Safer Choice Award for Innovation. It sold its national brand Ode to Clean to Diamond wipes last year and is working on filing 10 U.S. patents.

Source credits: https://venturebeat.com/2019/05/22/solugen-inc-secures-32-million-in-series-b-funding/



About Author


Pankaj Singh

Pankaj Singh

Pankaj Singh Develops content for Algosonline, Market Size Forecasters, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

Read More

More from Pankaj


Post Recommendents

Vertosa closes $6 million round of seed funding to scale strategically
Author: Saipriya Iyer

Vertosa, a renowned California based cannabis as well as hemp infusion technology company, reportedly announced that it has closed a $6 million Series Seed Funding Round which was co-led by the New York based Welcan Ca...


Halliburton to cut 800 jobs in Oklahoma citing the U.S. shale slowdown
Author: Saipriya Iyer

Halliburton, a renowned U.S. based oil field service company, has reportedly sent a notice to the Oklahoma Office of Workforce Development stating that it would be dismissing 800 employees due to slowdown in U.S shale ...


IFF declares expansion of Tastepoint Blueprint to serve mid-tier users
Author: Pankaj Singh

International Flavors & Fragrances, a New York based global leader across the scent, taste and nutrition sectors, has reportedly announced to expand its ‘Tastepoint by IFF’ in various geographical locat...