Core Insights - New Iridium has successfully raised $2.65 million in seed financing to support its sustainable chemical innovation efforts [1][5] - The funding will accelerate the development of a low-cost, low-carbon platform technology and the construction of an industrial pilot facility with a capacity of 50 metric tons per year [2][3] Company Overview - New Iridium is a Colorado-based company founded in 2020, focusing on sustainable chemical manufacturing through innovative technologies [7] - The company aims to produce bio-based acetic acid and ethyl acetate, which have recently received USDA BioPreferred® certification for 100% bio-based content [2][3] Technology and Production - The company's process utilizes domestically sourced bio-ethanol as a renewable feedstock, leveraging existing bioethanol infrastructure to produce sustainable chemicals [3][7] - New Iridium's technology is designed for low-cost and low-carbon operation, providing scalable pathways to decarbonize critical segments of the chemical industry [3][6] Market Position and Future Plans - The seed round was led by Radicle Growth, indicating strong ties to the U.S. corn and bio-ethanol industries, and highlights New Iridium's recognition in the Corn Value Chain Challenge [5][6] - The company is positioned to advance a pipeline of CO₂-derived building block chemicals, further establishing its role in sustainable chemical production [7]