Membrane pioneer draws new investment
Water treatment membrane and solutions developer, Water Planet, has received a new Series B round of investment for its development and commercialization of its industrial wastewater treatment technologies.The funding round included investments from Air Liquide's Aliad Corporate Venture fund, Bluestem Capital and UCLA Venture Fund. "Our new investors add significant value beyond the infusion of capital. They bring great experience in early stage companies as well as global access to customers, which will further fuel our growth," said Water Planet chief executive officer, Eric Hoek.
He said the funding will boost the company's development of its latest membrane which "combines the economics of polymer with the performance of ceramic." He added: "We now have the capital to commercialize our PolyCera membrane technology and to drive sales of our broadening portfolio of innovative products."
In a statement, Water Planet said the strategic investment in Water Planet by industrial gas firm, Air Liquide, went far beyond the capital value, as the two firms plan to collaborate on current and future products and services. "We are already engaged with them to develop unique offerings for water reuse and look forward to bringing other services and products to market together," said Water Planet co-founder and chief technology officer, Subir Bhattacharjee.
President of Bluestem Capital Company, Steve Kirby, said: "We look at hundreds of investment opportunities per year. Water Planet is one of the best combinations of disruptive technology and management execution we have seen. We are confident that when a customer goes to Water Planet with a problem that no one else can solve - they will."
The company has restructured as a Delaware C-corporation, changing its name from Water Planet Engineering, LLC to Water Planet, Inc. The company said its new name and tag line, "Where innovation happens," reflect the firm's "continued growth and mission to lead the global advancement of water reuse through disruptive membrane material, module and process innovations."