Renewable chemicals company hires experienced CEO & begins toll manufacturing to meet customer demand
Pyran, Inc., a high-growth company that creates high-performing 5-carbon products made from renewable resources, today announced that it has closed its latest round of fundraising, bringing its total of investments and grants to nearly $4 million. The investment comes from lead investor, Arosa Capital, with support from the venture arm of the Wisconsin Alumni Research Foundation (WARF). Several new investors joined all previous investors in the oversubscribed fundraise, further demonstrating investor enthusiasm in the specialty chemicals company.
Pyran uses renewable feedstocks from crop resources, such as corn cobs, to make 1,5- pentanediol (PDO) – a key ingredient that enhances the performance of everyday materials, such as paints, coatings, adhesives and more. The company’s renewable 5- carbon products replace expensive, petroleum-based chemicals, which are limited in supply, at a cost of more than 40% below today’s market price.
Customers of PDO have been restricted from using the performance-enhancing product because petroleum-based capacity is constrained by co-product limitations. Pyran’s renewable-based, on-purpose production will enable customers to expand their businesses with better performing and more sustainable products. Read more …