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Aquafortus Technologies closes Series A investment totalling US$7.5m, led by DCVC

Contributor:
Fuseworks Media
Fuseworks Media

Aquafortus Technologies, the leading developer of water recovery technology systems, today announced it had closed a Series A investment, totalling USD $7.5M, led by Deep Tech venture capital firm DCVC, a major investor in New Zealand companies Rocket Lab and Halter.

As a part of the investment, Aquafortus shareholders resolved to adopt a US ownership structure. The company, founded in New Zealand in 2016, now becomes a Delaware Corporation, Aquafortus Inc. The company’s technology development and team will remain in New Zealand, but the change will provide access to larger pools of capital and talent as needed.

"Aquafortus proved its technology works and can scale. Next, we must grow and expand into international markets," stated co-founders, Daryl Briggs and Jessica Lam. "We are excited to bring DCVC on board, because they are experts in developing national export champions. With the flip to a US ownership structure, we join other great NZ companies on the path to international success that was forged by pioneers like DCVC portfolio company Rocket Lab and Lanzatech." NZ veteran venture capital investors and long-time backers K1W1 and NZ Growth Capital Partners joined the round alongside DCVC, as well as a new entrant and strategic capital partner from Japan, United Materials Incubator.

Outgoing Chairman Dr Andrew West thanked the shareholders who, along with management, have helped grow the company to this point. "With the support of the new American and Japanese investors, particularly DCVC, Aquafortus’ zero liquid discharge technology is primed for global success," West said. "Aquafortus exemplifies the power of Deep Tech to create simultaneously equitable and profitable societal-scale solutions for otherwise daunting problems like water scarcity," said Matt Ocko, Co-Managing Partner and founder of DCVC. "With innovations in recovery and reuse, humanity can look forward to a future of water abundance for all. We’re honoured to help Aquafortus provide its technology to the world and continue to strengthen New Zealand’s innovation economy."

Aquafortus specialises in taking wastewater with high levels of salinity and through its patented zero liquid discharge (ZLD) technology separating the brines into dry mineral salts and clean water.

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