Desalitech lands US$ 11 million in venture capital funding
US desalination firm Desalitech has landed US$ 11 million in venture capital from existing investor, Liberation Capital, along with AquAgro Fund. The money will help Desalitech expand sales of its water purification products, the company said.The latest investment round - which was led by Philadelphia-based family investment firm, Spring Creek Investment Management - is Desalitech's third following two earlier private equity rounds bringing the total raised to US$ 23.3 million.
Liberation Capital previously invested US$ 11.3 million in private equity in Desalitech, including US$ 5 million last year. "To gain participation from all previous investors in this third, oversubscribed funding round is a great vote of confidence," said Desalitech chief executive officer, Nadav Efraty.
Liberation Capital is a global private equity fund specializing in project finance for distributed renewable energy, water and wastewater projects. AquAgro Fund is a venture capital fund formed to focus primarily on Israel's innovative water and agriculture technologies, as well as other clean technologies.