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Specialty chemical maker Octet Scientific completes $1 million fundraising round

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Cleveland-based Octet Scientific Inc. has completed a $1 million seed-stage fundraising round, led by the Advanced Manufacturing Fund.

The Advanced Manufacturing Fund, which launched in late 2021, aims to support manufacturing and other physical product startups in Ohio. The fund is supported by JumpStart Ventures, among other funders, and Cleveland’s MAGNET: The Manufacturing Advocacy and Growth Network is the group’s non-funding facilitator.

Octet makes specialty chemicals for sustainable battery applications, namely recharging zinc-based batteries.

“It’s becoming clear that zinc batteries have massive potential and that we’ve got the chemicals to get the most out of them,” founder and CEO Onas Bolton said in a news release. “We’ve got Octet in position to lead this new market and this funding puts critical wind in our sails.”

The release noted that the investments will complement the $1.45 million in federal funding Octet has received, supporting the company’s non-grant-funded operations through 2024. Octet is working to scale up its production while already selling and testing chemicals in small volumes across the globe.

Read the original article by Rachel Abbey Mccafferty for Crains Cleveland here.

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