Fresh capital gives Connecticut green chemistry firm room to push into new industries.
Woodbridge-based P2 Science announced Tuesday it has raised $23 million in a new funding round to support commercial growth and expansion into new markets, the company announced Tuesday.
The financing round was led by Sofinnova Partners, with participation from new investors Emerald Technology Ventures and GS Futures, as well as existing backers including Connecticut Innovations, Chanel, BASF and other investors, according to P2 Science.
The company develops plant-based specialty chemicals as alternatives to petroleum-based ingredients for consumer and industrial products. P2 Science said it plans to use the funding to expand beyond beauty and personal care into markets including performance polymers, home care products, coatings and crop care.
P2 Science was co-founded by Yale green chemistry researcher Paul Anastas and Patrick Foley. Last month,
the company announced it had secured a $2.8 million U.S. Department of Energy grant to support AI-driven research aimed at accelerating chemical and fuel materials development.
