Phinite, Inc. Raises $1.285M in Funding for Phosphorus Reuse Technology

Why It Matters:

Phosphorus is a vital resource for agriculture, but its limited availability poses a challenge. Phinite's solution to recycle phosphorus from manure could help address this issue and enhance sustainable farming practices.

The Details:

• Phinite, founded in 2018 by scientist and engineer Jordan Phasey, aims to tackle the scarcity of phosphorus by reusing it from manure.

• The company's main product is a granular fertilizer derived from recycled phosphorus.

• In 2018, Phinite received a $50,000 grant from NC IDEA, followed by nearly $300,000 in funding in 2021.

• In 2022, the North Carolina Biotechnology Center awarded Phinite a $250,000 grant.

• CEO Jordan Phasey participated in CED's Venture Connect event earlier this year.

• The current funding round has attracted 21 equity investors and aims to raise over $1.7 million.

Conclusion:

Phinite, Inc. has made significant progress in securing funding for its phosphorus reuse technology, which has the potential to revolutionize sustainable farming practices and address the limited availability of phosphorus.