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Investment To Grow P2 Science

Connecticut Innovations (CI) has made a $500,000 investment in P2 Science Inc. of New Haven, Conn., through its Seed Investment Fund.

P2 Science is a specialty chemical company actively developing customer and partner relationships in the fields of flavor and fragrance ingredients, cosmetics, lubricants, polymers and surfactants. Products will be 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 are expected to meet a growing demand for renewable alternatives.

The company has developed a novel chemical process, known as hybrid ozonolysis, 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 has licensed some of its intellectual property from Yale University and has established a collaborative relationship with the University of Alberta.

CI’s investment of $500,000 in the company was part of a $675,000 financing round also involving Elm Street Ventures. In 2012 and earlier in 2013, CI provided pre-seed funding. Following CI’s recent investment, CI managing director of investments Daniel Wagner joined P2 Science’s board of directors.

CI’s Seed Investment Fund provides investments of up to $1 million to Connecticut-based, emerging technology companies at the pre-Series A stage of development.