Singapore-based wastewater treatment startup Hydroleap has raised $4.4 million in a Series A funding round led by Japanese venture capital firm Real Tech Holdings.
Mitsubishi Electric, Seeds Capital, Wavemaker Partners, New Keynes Investments, and the State Government of Victoria (Australia) participated in the funding round, according to a press release.
The company plans to use the funding to enter APAC countries such as Australia, Japan, and Indonesia over the next two years to collaborate with companies across sectors, including data centres, food & beverage (F&B), manufacturing, and mining.
Hydroleap aims to support resource intensive data centres and mining industries in Australia in managing and recycling wastewater. In Japan and Indonesia, the company plans to support data centres and manufacturing industries such as paper and palm oil production.
The company plans to invest in palm oil effluent treatment while boosting its proprietary electrochemical treatment capabilities in existing verticals like cooling tower water recycling and F&B wastewater treatment.
Hydroleap will also use the funding to strengthen and build research and development (R&D) and operations teams in Singapore and Australia.
“As Australia’s cleantech sector hub, we’re looking forward to the opening of Hydroleap’s manufacturing and R&D presence in Victoria. The technology the company offers is an important solution to treating wastewater in a cost-effective and environmentally responsible way,” said Danni Jarrett, CEO, Invest Victoria.
Founded in 2016 by Dr Mohammad Sherafatmand, Hydroleap is a next-generation green wastewater treatment company that uses electrochemical techniques which enable a reduction of up to 95% pollutants present in industrial wastewater.
The company raised S$2.6 million ($1.9 million) in a funding round led by Wavemaker Partners in 2019. Seeds Capital and 500 Startups’ Southeast Asia-focused 500 Durians fund also participated in the round.