This ForbesUnder30-founded startup just raised another $32 million to manufacture chemicals with bacteria: by TheAlexKnapp
Houston-based chemical manufacturing startup Solugen, announced Wednesday that it has raised a $32 million series B round. The company, which was cofounded byUnder 30 alumni Gaurab Chakrabarti and Sean Hunt, will use to expand its manufacturing facilities. The round was led by Founders Fund, and that firm’s partner Brian Singerman will be joining the board.
The process doesn’t create any toxic byproducts and more importantly, the company’s “bioreactors” where the hydrogen peroxide is produced is modular, meaning that small bioreactors can be placed near where its customers are, rather than forcing the company to ship the chemical over long distances, which increases the end price.
One reason for producing so much that quickly is because, according to Chakrabarti, there’s been a big demand for its products. “We thought people would just see us as ‘another green company,’” he said. “But the price point is good, and we’re becoming a dominant brand.”
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