Bellingham-based Tidal Vision, which takes a biomolecule called chitosan from crab shells to make sustainable products, has raised $46.7 million, according to a Thursday filing with the Securities and Exchange Commission.
The filing noted the funding was an equity raise, and the company is looking to raise an additional $81.8 million. The filing comes after Tidal Vision raised $22.2 million in debt funding in September.
Tidal Vision declined to comment on the funding.
The company, founded in 2015, focuses on water treatment, agriculture and textiles, with the aim of replacing toxic and non-biodegradable materials. Chitosan can bind to heavy metals and other pollutants in stormwater using what is called a cationic charge, which in turn cleans the water for use. Chitosan can also reduce the use of pesticides in agriculture.
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Tidal Vision co-founder and CEO Craig Kasberg said seafood companies used to dump crab shells back into the ocean, which is no longer allowed because the shells take a long time to biodegrade. Tidal Vision isolates the chitosan from the shells, which would otherwise go to a landfill, and the company sells what remains to a fertilizer company.
In August, Tidal Vision acquired former client Clear Water Services, a water treatment company based in Everett, for an undisclosed amount. Tidal Vision gained 100 employees through the acquisition, and the company says on its website it now has 186 employees.
In 2022, Tidal Vision acquired ViaeX Technologies, a Bay Area startup that also focused on chitosan innovations, for an undisclosed amount. Tidal Vision had about 40 employees at the time.
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