US-based water conditioning system developer HydroNovation secured $3.05m on Sunday in a series B round that included an investment by 3M New Ventures, the corporate venturing unit belonging to industrial and office supplies conglomerate 3M.
3M was joined in the round by venture capital fund Clean Pacific Ventures, which contributed as a follow-up investor. HydroNovation previously raised $380,000 in 2010 following its name change from AquaGenesis.
HydroNovation produces water treatment systems that reduce minerals and harmful substances in water without the use of additional chemicals such as salt. The technology has been used on a large scale in the semiconductor and pharmaceutical industries for some time but is being adapted by HydroNovation for use on drinking water in residential and small business properties.
Stefan Gabriel, president of 3M New Ventures, said: "We are delighted to announce our investment in HydroNovation. The combination of HydroNovation’s advanced water conditioning technology with 3M’s core capabilities in water filtration, membranes, and films will create new technical and sales opportunities for both companies. It provides homes and small businesses with high quality water, and helps to protect the environment."
3M operates its own water filtration division, 3M Purification, which provides filtration services for food and beverage, industrial, laboratory and home