Axine secures new investment to take company to next level
Axine Water Technologies has raised $8 million in a second round of financing led by Japanese multi-national Asahi Kasei Corporation.
Axine is the developer of an electrochemical technology for treating high concentrations of complex, toxic organics and ammonia in industrial wastewater.
"Axine has a unique electrochemical wastewater solution with broad application in microelectronics, chemical, pharmaceutical, and other industrial markets. We believe that the combination of technology, service, market positioning, and high calibre management, has the potential to disrupt the industrial wastewater market worldwide," said Asahi general manager, corporate venture capital, Takashi Morishita.
"The team at Asahi will be of tremendous help as we scale up commercial deployment, develop new applications, and expand our customer base," said Axine chief executive Jonathan Rhone.
The financing was led by Asahi, and supported by existing shareholders Chrysalix Energy Venture Capital, BDC Energy Venture Capital, and Roda Group.
Axine has already raised $7.7 million in initial financing.