Early stage German tech provider secures series A financing
German water technology provider Akvola has secured series A financing from a cabal of investors to support its next phase of growth through hiring new talent and driving sales.
Akvola's proprietary flotation-filtration technology, akvoFloat, cleans hard-to-treat wastewater containing high concentrations of oil and suspended solids.
The series A investors comprise private individuals Bruno Steis, former chief executive of ultrafiltration technology experts Inge, and Detlef Taprogge, managing director of filtration and water extraction company Taprogge; the natural gas and energy services company VNG Innovation; and investment vehicles BAMAC, and High-Tech Grunderfonds, which increased its shareholding.
Additionally, Lute Broens, serial entrepreneur and desal expert, is on the company's advisory board.
The early stage business is targeting customers in oil and gas, refining and petrochemicals, metalworking, steel, food and beverage, and pulp and paper.
In June 2016, Akvola won a European WssTP Water Innovation SME Award for developing a water resource management solution with strong market potential.