Mitico, formerly known as C-Quester, announced today the close of its Pre-Seed round with a raise of $1.2 million from investors, including SOSV/HAX, Freeflow Ventures, and the California Institute of Technology (Caltech).
This investment round brings the company’s total amount raised to more than $1.7 million. The name Mitico reflects the company’s commitment to mitigating the effects of industrial (post-combustion) carbon emissions.
Built upon technology developed at Caltech, Mitico offers industrial customers an integrated and cost-effective system to capture, use, store, and trace carbon dioxide (CO2). As a core unique feature, Mitico’s proprietary granulated metal carbonate sorbent technology captures over 90% of the CO2 emitted from post-combustion point sources.
Mitico’s capture and verification technologies are designed to operate within the constraints of existing processes and can be installed without major modifications to existing emission control systems. With a small footprint and few regulatory requirements, Mitico technology enables every combustion process to achieve verifiable carbon neutrality at the lowest cost, with the least disruption to operations and the environment.
“Point source carbon removal at a highly scalable cost point is a missing link in the effort to dramatically reduce the negative impacts of fossil and non-fossil combustion. Mitico was founded to integrate breakthrough climate technologies with the economic and operational efficiencies of highly scalable solutions,”
— Clément Cid Ph.D., Mitico CEO and co-founder.
Mr. Cid added that “in the US alone, the Department of Energy estimates the market for point source carbon capture to be close to $100 Billion per year. Recent tax incentives and customer demand for products with low-carbon footprint are strong signals that a carbon capture rush is coming.”
"While the market for direct air capture (DAC) solutions has an inspiring future, it'll take some time to develop. We see massive potential for point-source carbon capture companies like Mitico to make a meaningful difference as we transition away from fossil fuels," said Duncan Turner, SOSV GP & HAX Managing Director. "In particular, this technology makes natural gas a far more sustainable means to produce energy."
“Capturing carbon at the direct source of industrial plants is critical because CO2 levels are highly concentrated there. With a low-cost solution specifically designed to integrate easily with existing emission control systems, Mitico addresses a very large opportunity that can get significant market traction, while also improving planetary health by reducing carbon emissions,” said David Fleck, Founder and Managing Partner, Freeflow Ventures.
About Mitico
Mitico. offers industrial point source emitters an end-to-end solution for carbon capture at a fraction of the cost associated with existing technologies. Based on technology from Caltech, Mitico’s mission is to dramatically reduce industrial emissions with affordable and scalable carbon capture solutions. To learn more, visit www.mitico.tech
Note
This post has been updated on July 31, 2024 to better reflect the timeline of the Pre-Seed round.
