RALEIGH — Tethis IP Holding Co., a biopolymer manufacturer, has raised $3.6 million according to a filing with the Securities and Exchange Commission.
The Raleigh-based company raised the money in the form of equity from 76 investors, according to the filing.
Founded in 2013, Tethis has a patented platform for the creation of biopolymers using a common manufacturing process that is high throughput, low cost, and prevalent domestically and abroad, using simple carbohydrates.
The company began as a spinout of technology founded at North Carolina State University aimed at the water treatment market.
Tethis has patented new ways to transform plant-derived feedstock into performance polymers used in a wide range of applications and industries.
Tethex super-absorbent biopolymers powders, the company’s biodegradable product, are based on a novel patent-pending technology platform with feature, manufacturing, price, and ecological advantages over the existing synthetic SAPs, according to Tethis’ website.
Applications for Tethex SAP powders include diaper cores, feminine hygiene products, processed meat additives and soil stabilization, among others.
The company raised $17.6 million in February to scale up commercial development of its Tethex product, which the diaper industry is interested in as a greener alternative.
Scott Bolin, chief executive officer of Tethis, co-founded the company in 2013. Prior to Tethis, Bolin served as a fellow with the Blackstone Entrepreneur Network.
Bolin graduated with a B.A. in English from The College of William and Mary and with an MBA from N.C. State University.
Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.
This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism