Carbon conversion startup OCOchem has successfully raised $5 million in Seed funding, with TO VC leading the investment round. Other participants in the funding include INPEX Corp., the LCY Lee Family Office, MIH Capital Management, and Halliburton Labs, Halliburton Company’s energy and climate tech accelerator.
OCOchem, based in Richland, Washington, is focused on commercializing a novel method for producing versatile carbon-neutral platform molecules by electrochemically converting recycled carbon dioxide (CO2), water, and clean electricity into formic acid and formate chemicals.
The proprietary technology developed by OCOchem enables the creation of a wide range of essential chemicals, materials, and fuels in a sustainable and cost-effective manner. These products, conventionally derived from fossil fuel-based hydrocarbons, can now be produced using a more environmentally friendly building block molecule.
The company plans to utilize the newly raised funds to scale its modular carbon conversion technology to industrial proportions and establish a pilot plant for commercial demonstration operations.
OCOchem’s technology offers an innovative solution to the global challenge of antimicrobial resistance (AMR). By leveraging engineered protein bacteriocins, the company aims to develop precision antibiotics with remarkable potency and specificity. This approach allows for the targeted eradication of Gram-negative pathogens that have developed resistance to traditional antibiotics.
The funding will facilitate the establishment of laboratories in Oxford and Glasgow and the expansion of its team to advance its bacteriocin development program.
Antimicrobial resistance is a critical public health crisis, causing an estimated 1.27 million deaths annually due to the therapeutic failure of available antibiotics. The urgency to develop new and effective antimicrobial therapeutics is underscored by predictions that AMR could surpass 10 million deaths globally per year by 2050, with a projected cost of $100 trillion.
The successful seed funding round reflects the confidence of investors in OCOchem’s innovative approach to addressing significant challenges in carbon conversion and antimicrobial resistance. The company’s technology holds the potential to contribute to a circular carbon economy, where recycled CO2 becomes a cost-effective feedstock for producing various chemicals crucial to the global economy.
OCOchem is poised to make a meaningful impact on reducing carbon emissions and advancing sustainable practices in essential industries.