High Tech Startup Solugen Closes $4.4 Million
Solugen announced it has raised $4.4 million in seed financing. Six investors participated in the round, including Y Combinator, Refactor Capital, Liquid 2 Ventures, Social Capital and Massachusetts Institute of Technology.
Solugen has developed a process for the synthesis of hydrogen peroxide inspired by principles of cancer biology. Currently, hydrogen peroxide is only available through a capital-intensive, environmentally dangerous process that is prone to combustion and works at the upper limits of EPA regulations. The company’s process uses cheap, biodegradable reagents to replace the current production method, with the goal of saving billions of dollars in costs and significantly decreasing CO2 emissions.
Solugen also announced the launch of their first consumer product line, Ode to Clean, concurrent with the funding.