London-based Puraffinity, a startup developing technologies to remove perfluoroalkyl and polyfluoroalkyl substances (PFAS) from water, announced Tuesday that it has raised £6.73 million (about €7.9 million) in new investment from BGF.
BGF’s investment complements Puraffinity’s £16.93 million (about €20 million) Series A funding round, following existing funding from Octopus Ventures, HG Ventures, Kindred Capital and Verve Ventures, as well as materials science fund Universal Materials Incubator Company (UMI).
The funding will enable the UK-based company to scale up production of its proprietary PFAS-capturing material, Puratech. The funding will also support the company’s work to develop new commercial applications using Puraffinity’s proprietary materials.
Appoints Vincent Caillaud as new CEO
In addition to the funding, the company also announced the appointment of Vincent Caillaud as its new CEO.
Vincent Caillaud has over 20 years of experience in the water industry and previously served as CEO of Veolia Water Technologies & Solutions, a global water technology business unit within Veolia, one of the world’s largest water, energy and waste management companies.
The purpose of appointing Vincent Caillaud as Chief Executive Officer is to improve market access for the technology. This will allow Puraffinity founder Henrik Hagemann to focus on strengthening the company’s technological lead as Chief Product and Innovation Officer.
Vincent Caillaud, CEO of Puraffinity, says, “At Puraffinity, we are delighted to join the growing BGF startups climate technology network as the company continues its mission to provide PFAS-safe water to the world. With BGF’s experience helping startups “As innovative technologies achieve transformative growth, we look forward to significantly expanding our commercial capacity and extending the global reach of our proprietary PFAS removal solutions.”
Puraffinity: Removing “Forever Chemicals”
Founded in 2015 by Henrik Hagemann and Gabi Santosa and originating from Imperial College London, Puraffinity develops precision technology for the removal of PFAS, or “forever chemicals,” in a variety of water treatment applications.
Developed in the 1940s, PFAS are known as “forever chemicals” because they are resistant to water, grease and oil, making them difficult to destroy.
The National Institute of Environmental Health Sciences estimates that 97 percent of people have PFAS in their bodies, as the chemicals have entered water supplies around the world.
The company’s precision technologies put it at the forefront of the fight against PFAS, which have been linked to multiple health problems, including cancer.
Puratech, the adsorbent developed by Puraffinity, can be applied across all use cases. It features a customizable plug-in solution that fits into any existing water treatment system.
Puratech can also be customized to capture specific PFAS compounds, ensuring that global users can meet regulatory standards in different markets.
Henrik Hagemann, Founder and Chief Product & Innovation Officer of Puraffinity, said: “Having such a respected figure in the water industry as Vincent, alongside BGF’s investment, underlines not only the progress Puraffinity has already made, but also the incredible potential of the company. The new management structure will allow me to focus on accelerating our existing technologies and developing new product roadmaps, confident that Puraffinity’s business development is secure with Vincent as CEO.”
About the Investor
To date, BGF has invested £4 billion in over 600 companies, making it the most active investor in the UK.
BGF is a minority, non-controlling equity partner with a patient investment view, based on long-term objectives shared with the management team.
BGF invests in growth companies in the UK and Ireland through its network of 15 offices.
Luke Rajah, BGF investor, said: “Puraffinity is well positioned to realize its vision of bringing PFAS-free water to one billion people by 2030. BGF is excited to work with Puraffinity as it enters a new phase of rapid global growth, taking a significant step toward improving water safety. BGF has developed a strong reputation for identifying and providing early-stage support to companies creating technologies that not only have tremendous potential, but also deliver tremendous societal benefits.”
This article is originally published on siliconcanals.com
