Claros Technologies Inc., a green tech startup led and co-founded by a former 3M executive, raised $22 million to fund development of a process that destroys the so-called "forever chemicals" known as PFAS.
CEO and co-founder Michelle Bellanca said the Series B round was oversubscribed, "a testament to the trust and commitment from a syndicate of investors that believe in Claros' technology, commercialization strategy and vision for a cleaner and safer world,"
PFAS, or per- and polyfluoroalkyl substances, are a group of synthetic chemicals that break down very slowly. They’ve been blamed for widespread water contamination, and discovering ways to destroy them effectively and affordably has been a challenge. 3M, where Bellanca worked for two decades, was one of the major producers of the chemicals. Last month a court approved a $10.3 billion settlement with public water suppliers that sued the company, alleging that 3M-made PFAS contaminated local water supplies.
"PFAS chemicals represent a monumental and increasingly urgent societal challenge," said Sasha Brown, Partner at Ecosystem Integrity, in a statement. "They are ubiquitous in manufactured products, have serious environmental and human health impacts and are persistent in the environment."
Claros' technology breaks the carbon fluorine bonds that hold PFAS together, reverting them into their natural basic elements and harmless byproducts. The startup, spun out of the University of Minnesota in 2017, will also use the funding to expand its laboratory and develop its broad spectrum UVA and UVB bio-based functional materials technologies.
This round of funding was co-led by Ecosystem Integrity Fund and American Century Investments. Additional investors include Capita3, Children's Minnesota, Kureha America Inc., Open Door Foundation, F. R. Bigelow Foundation, other corporate investors, several individual investors alongside incumbent investors Groundswell Ventures and the University of Minnesota. With the completion of this funding round, the company has raised a total of $27.5 million to date.
