PFAS removal start-up Puraffinity raises US$13.9mn in funding
Puraffinity, which develops precision technology for the removal of PFAS across water treatment applications, has raised US$13.9 million in Series A funding.
The round was led by Octopus Ventures, with participation from existing investors Kindred Capital, HG Ventures, Verve Ventures and Acequia Capital. Materials science sector specialist fund Universal Materials Incubator Co (UMI) also joined the round.
The investment will allow Puraffinity to scale up its operations and transition from being an R&D focused organization to being a full commercial entity.
Puraffinity, which is aiming to provide PFAS-free water to one billion people by 2030, will invest in manufacturing, accelerate its commercial business and strengthen its R&D capabilities to develop new products. Additionally, a dedicated £700,000 was invested from a new Investor Partnership grant by Innovate UK called Future Economy focused on Net Zero aligned companies.
The funding will also allow the company to expand its team from 20 to more than 40 and build out its IP base with a rapidly growing patent and trademark portfolio.
“There is no time to waste in dealing with the ‘forever chemical’ contaminants that have population-wide health implications,” said Puraffinity CEO Henrik Hagemann. “This funding round is aimed at addressing the need to have a sustainable material that tackles PFAS removal with improved efficiency to aid the destruction of PFAS.”
Link to press release here: https://www.puraffinity.com/single-post/puraffinity-the-pfas-removal-specialist-raises-13-9m-in-series-a-funding-led-by-octopus-ventures