Tethis, a Raleigh-based biopolymer manufacturing company, has raised over $1.1 million from 18 investors, according to a filing with the Securities and Exchange Commission.
Tethis traces its to North Carolina State University. The company launched in 2012.
It makes green, biodegradable products out of low value materials that can be used for water treatment and water absorption.
Earlier the firm raised $1.4 million from angel and institutional investors and Scott Bolin, co-founder and CEO told WRAL TechWire in 2014. He also said at the time that he wanted to raise an additional $3 million to $5 million for expansion.
Tethis products can be made from many different carbohydrates like corn starch or pulp and paper waste. Its water treatment product can remove salts, heavy metals, and even radioactive material. It may be used in oil and gas spill cleanups and for water desalinization. Tethis, Bolin said, “is the Greek Goddess of pure water.”
The company developed a patent-pending platform to mass produce its novel biodegradable polymers.
Its water absorption product is aimed at the diaper industry.
Tethis filed its latest fund-raising information on Jan. 30. The date of the first sale for the offering was Dec. 30, 2016. According to the filing, the offering was not made in connection with a business combination transaction, such as a merger, acquisition or exchange offer. The company does not intend for this offering to last more than one year.
Bolin studied English and history during his undergraduate career at The College of William and Mary and University of Cambridge, and completed his MBA in marketing and entrepreneurship at North Carolina State University.
Note: Lauren Hong of North Carolina Business News Wire at UNC-Chapel Hill contributed to this report.