Raleigh-based Tethis keeps adding to its latest round of fundraising.
According to a securities filing on Wednesday, Tethis has added another $500,000 in its latest offering, which has a target of $2.5 million.
Tethis traces its to North Carolina State University. The company launched in 2012.
It makes green, biodegradable products out of low-value materials that can be used for water treatment and water absorption.
“Tethis develops and markets super-absorbent biodegradable foams and powders in various water treatment industries under the product name Tethex,” the company explains at its website.
“Based around a patented technology, Tethis solves the risk, cost, and technical difficulties found in the treatment of highly concentrated brine waste as well as other hazardous wastes.”
Tethis products can be made from many different carbohydrates like corn starch or pulp and paper waste. Its water treatment product can remove salts, heavy metals, and even radioactive material. It may be used in oil and gas spill cleanups and for water desalinization. Tethis is the Greek Goddess of pure water.
The company developed a patent-pending platform to mass produce its novel biodegradable polymers.
Its water absorption product is aimed at the diaper industry.
Tethis earlier filed a disclosure noting it had raised $400,000 in this new round.
Nine investors provided the funds in the form of debt.
CEO Scott Bolin signed the filing.
It’s the second funder for the company this year. In January Tethis raised $1.1 million.
Tethis also raised a round of debt in 2016.
