MIT-founded biochemical water treatment company Solugen has increased its funding total to at least $48.7m.
Solugen, a US-based biochemical product supplier exploiting Massachusetts Institute of Technology (MIT) research, has collected $30.2m in equity funding from undisclosed investors, according to a regulatory filing.
Solugen produces water treatment products made with hydrogen peroxide chemicals which offer a biodegradable and safer alternative to conventional petrochemical-based methods.
The spinout currently has three products – BioperoxideTM, BioSolTM and ScavSolTM – geared towards applications such as oil and gas, mining and wastewater processing.
Solugen applies enzymes to plant sugar molecules in order to convert them into hydrogen peroxide.
The enzyme emerged from pancreatic cancer research by then-MIT PhD candidate Gaurab Chakrabarti, and was combined with a green metal catalyst technology from Sean Hunt, an MIT PhD graduate in chemical engineering.
Solugen closed its most recent round in May 2019, a $32m series B led by Founders Fund that included Y Combinator, Refactor Capital, Fifty Years, KdT Ventures and undisclosed additional investors.
The funding came on the heels of a $13.5m series A round in late 2018 reported by Texas Tech Pulse to have featured Fifty Years, Founders Fund and Y Combinator, following $5m of seed funding raised at an undisclosed date.
