Tethis Inc., a company that manufactures biopolymer products, has raised $400,000, according to a filing Friday with the Securities and Exchange Commission.
The company raised the money from seven investors, according to the filing.
The Raleigh-based company still has $300,000 left to raise in order to meet its goal of $700,000. The money was raised in the form of debt.
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 was founded in 2013 as a spinout of technology created 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 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.
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.