US-based water treatment technology provider Gradiant received more than $100m on Wednesday in a series C round co-led by oilfield services provider Schlumberger’s New Energy division.
Private equity firm Warburg Pincus co-led the round, which exceeded its $65m target and which took Gradiant’s overall funding to over $200m.
The company develops water and wastewater facilities around the world and offers end-to-end water reuse and resource recovery technology. The capital will finance new projects and allow it to expand into new markets and industries, further develop its technology and make acquisitions.
Gradiant said it expects to triple its year-on-year revenue this year. Details of its previous funding could not be ascertained, but its earlier investors include Wave and Cranberry Capital.
Anurag Bajpayee, Gradiant’s co-founder and chief executive, said: “Our customers are increasingly facing financial and social pressures to lead sustainable development by maximising water reuse and resource recovery and minimising discharges to the environment and energy usage.
“Our solutions are in the sweet spot for enabling our customers to reach their sustainability goals to meet the expectations of the stakeholders and communities they serve.”
