PFAS Removal Specialist, Raises $13.9M in Series A Funding
Oct 04 2023
In the relentless quest for clean and safe drinking water, innovative solutions are emerging to tackle some of the most persistent and pernicious contaminants. Puraffinity, a pioneer in the fight against PFAS (Per- and polyfluoroalkylated substances), commonly known as "forever chemicals," has taken a significant stride forward in its mission. The company has successfully secured $13.9 million in Series A funding, a milestone that promises to accelerate the removal of PFAS from our water sources and bring us closer to a future where one billion people can enjoy PFAS-free water by 2030.
This transformative funding round was spearheaded by Octopus Ventures, a venture capital firm renowned for its deep tech expertise and unwavering commitment to solving global challenges. Octopus Ventures was joined by Puraffinity's existing investors, including Kindred Capital, HG Ventures, Verve Ventures, and Acequia Capital, as well as Universal Materials Incubator Co (UMI), a materials science sector specialist fund. This influx of capital will empower Puraffinity to transition from an R&D-focused entity to a full-scale commercial organization, positioning it at the forefront of the battle against PFAS contamination.
Puraffinity's innovative precision technology has demonstrated exceptional promise in eliminating PFAS from various water treatment applications. PFAS, encompassing roughly 9,000 synthetic compounds, have plagued the environment for over six decades due to their use in numerous products. These "forever chemicals" exhibit extraordinary resistance to natural degradation, making them exceptionally challenging to remove using conventional methods. Compelling scientific evidence links PFAS exposure to severe health issues, including various cancers and compromised immune responses. Hence, the urgency to combat this pervasive threat cannot be overstated.
Henrik Hagemann, CEO of Puraffinity, expressed his enthusiasm for the partnership with Octopus Ventures, emphasizing their shared commitment to addressing the PFAS crisis. He stressed the need for a sustainable solution that can efficiently tackle PFAS removal to mitigate their adverse effects on public health.
Notably, this funding round also received support from Innovate UK, which awarded Puraffinity a dedicated £700,000 Investor Partnership grant through Future Economy, an initiative focused on supporting Net Zero-aligned companies. This boost will enhance Puraffinity's ability to develop cutting-edge products and technologies to combat PFAS contamination effectively.
In addition to scaling up operations and advancing manufacturing capabilities, Puraffinity's expansion plans include doubling its team size from 20 to over 40 dedicated professionals. Furthermore, the company aims to fortify its intellectual property portfolio, with a rapidly growing patent and trademark portfolio that solidifies its position as a leader in PFAS removal technology.
Owen Metters from Octopus Ventures emphasized the gravity of the PFAS crisis and the pressing need to eliminate these "forever chemicals" from our water supply. He believes Puraffinity's highly scalable adsorbent material holds the key to achieving this ambitious goal in both industrial and domestic settings.
Puraffinity's mission aligns closely with Octopus Ventures' commitment to investing in companies that contribute to building a sustainable planet. This collaboration is poised to bring a much-needed solution to market, addressing the global challenge of PFAS contamination head-on.
Yosuke Yamamoto, Partner at UMI, expressed confidence in Puraffinity's technology becoming the standard for resolving the global PFAS problem. With this funding, Puraffinity is primed to make a historic impact on industries affected by PFAS contamination, and together with its partners, it aspires to safeguard our water supply and protect public health.
As Puraffinity advances on its journey to provide PFAS-free water to one billion people by 2030, the world watches with anticipation. With unwavering determination and the support of visionary investors like Octopus Ventures, the vision of a cleaner, safer, and PFAS-free world draws nearer.
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