US-based air purification system developer Molekule completed a $58m series C round yesterday that included networking and communication product manufacturer Inventec Appliances Corp.
Venture capital firm RPS Ventures led the round, while Foundry Group, Crosslink Capital, Founder’s Circle Capital, Uncork Capital and TransLink Capital also participated.
Spun out of University of South Florida in 2014, Molekule is working on photo-electrochemical (PECO) technology to disinfect and purify indoor air.
The company claims the system is able to destroy pollutants such as viruses, bacteria and mould. It has released two products to date, one aimed at large rooms such as master bedrooms and one designed for small spaces like home offices and studio apartments.
Proceeds from the round will support the further development and scaling of Molekule’s technology. It has now raised approximately $97m according to press releases and media reports.
Manufacturing services provider Foxconn took part in a $10.1m series A round for the company in 2017 that included Crosslink Capital, TransLink Capital and SoftTech VC, the latter two having backed a $3.3m seed round alongside CSC Upshot the previous year.
Molekule secured $25m the following year in a series B round led by Foundry Group in late 2018 that also featured Crosslink Capital, TransLink Capital and Uncork Ventures, which was also described as an existing backer.
Dilip Goswami, co-founder and CEO of Molekule, said: “This financing will enable us to continue to innovate our technology to revolutionise air quality in a way the industry has yet to see from other players in the space. We are excited to continue to scale the technology and deliver innovation of this nature to the masses.”
Image courtesy of Molekule.
