With the additional investment, Pyran expanded its production and produced tons of bio-based products. Successful production of several tons of product has enabled Pyran to gather the necessary information to design a commercial-scale plant, which it aims to produce commercially by 2026.
Pyran uses renewable raw materials, such as corn cobs, wood and bagasse, to make bio-based 1,5-pentanediol, which can be used in everyday products such as paints, coatings and adhesives. The company's bio-based products replace petroleum-based chemicals that are expensive and in limited supply.
Earlier this year, Pyran closed its second Series A equity round, raising $1.5 million. Since its inception in 2018, the company has raised nearly $4 million in both tranches, plus an additional $7.5 million in grants, loans and equity capital.
