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May 2, 2013

CT pumps $500K into New Haven's P2 Science

P2 Science got $500,000 more from the state's technology promoter to expand the New Haven specialty chemical maker, authorities say.

Connecticut Innovations (CI), the state's quasi-public authority, invested through its Seed Investment Fund. CI's investment was part of a $675,000 financing round also involving Elm Street Ventures.

In 2012 and earlier in 2013, CI said it provided pre-seed funding totaling $350,000 to P2 Science. CI has a seat on P2's board.

The company is a Yale University spinoff, co-founded by a Yale-affiliated scientist and administrator who is widely considered to be the "father of green chemistry," CI CEO Claire Leonardi said Thursday.

Its novel chemical process, known as hybrid ozonolysis, converts biomass into aldehydes for use in fragrances and flavors, di-acids for use in cosmetics and polymers, among other chemical ingredients.

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