The Engine was among the returning investors for the Rice spinout’s series B round, having previously backed a series A in 2019.
Syzygy Plasmonics, a US-based photocatalyst reactor developer based on research at Rice University, pocketed $23m in a series B round yesterday featuring The Engine, the venture fund backed by Massachusetts Institute of Technology and Harvard University.
Horizons Ventures led the round, which also included Equinor Ventures, the corporate venture capital arm of petroleum company Equinor, Goose Capital and Evok Innovations.
Founded in 2018, Syzygy Plasmonics is working on a reactor that relies on light rather than heat to trigger the chemical reactions needed to manufacture plastics, fuel, fertiliser and hydrogen.
Current methods require fossil fuels and account for 3.6% of global greenhouse gas emissions, the company said. Syzygy’s initial focus is on the production of hydrogen, where it hopes to cut the manufacturing cost in half when compared to alternative methods such as electrolysis.
Syzygy’s technology was invented by co-founders Naomi Halas and Peter Nordlander, professors at Rice University, together with co-founder and chief technology officer Suman Khatiwada.
The spinout expects to double its headcount from a current 26 staff over the next year as it gears up for a full-size, commercial-scale chemical reactor in 2022. Patrick Poon of Horizons Ventures has joined the board of directors.
Trevor Best, co-founder and chief executive of Syzygy Plasmonics, said: “With renewable electricity as an energy source, our technology is cleaner, and because of the stability and activity of our photocatalysts, we can drive dozens of possibilities, tuning reactions that produce different chemicals.
“Our initial product will focus on eliminating emissions from hydrogen production, transforming the industrial process involved in making semiconductors, LEDs and metals. Our system will also enable industries that are consumers of hydrogen fuel cells, like fuel cell vehicles.”
Syzygy said it previously raised approximately $12m in funding.
The Engine and Goose co-led a $5.8m series A round in August 2019, with a regulatory filing showing the round closed at $10.7m four months later. Evok Innovations and assorted angel investors also took part in the series A round.
Evok Innovations has been revealed as a seed investor, though further details have not emerged.
