Oligocide, a US-based company whose chemical kills bacteria (chlorea pictured), is preapring to potential raise its series A round with corporate venturing units.
The compound was developed in partnership between University of New Mexico (UMN) and the University of Florida and Oligocide licensed it in June and received $175,000 in seed funding from angel investors the following month.
Tom Brennan, partner at venture capital firm Arch Venture Partners, which helped launch BVB Solutions last year before it changed its name to Oligocide, said he was working on a multimillion-dollar round of funding with investors that could include chemical companies Dow and BASF’s corporate venturing units, according to news provider Albuquerque Journal.