(Source: Business Wire)
BPT, the emerging leader in chemically-stable membrane-based separation solutions for critical industrial processes announced today that it has completed its Series B financing, raising U.S. $12 million. U.S. Venture Partners (USVP) and Pitango Venture Capital led the round with participation from existing investors Aurum Ventures and Elron Electronic Industries. Funds will be used for expanding the manufacturing facilities, for continuing R&D and to further develop the sales and marketing infrastructure to meet increased worldwide demand. In conjunction with this round Christopher J. Rust, USVP Partner and Jacques Benkoski, USVP Venture Partner will represent USVP on the BPT Board and Ittai Harel, Pitango Partner, will represent Pitango Venture Capital.
BPT is focused on developing and commercializing advanced membranes-based separation solutions to address the needs of the water and wastewater treatment industries. BPT's unique chemically-stable membrane technology and associated systems enable customers in the landfill, mining, chemical, biopharma and food industries to filter their aggressive waste water to be economically viable, re-use water and comply with environmental regulations. BPT provides solutions where other membrane-based technologies cannot withstand the aggressive waste characteristics and alternative technologies such as evaporators and incinerators are often not economically viable. BPT patent protected membranes and associated systems are field proven to enable lowest cost reclamation of some of the most aggressive and vexing industrial waste water streams.
"USVP and Pitango have deep experience in building great companies; we are proud to have them as lead investors, and to have their partners join our board," said BPT's CEO, Nir Kinory. "Together with our existing great investors, Aurum and Elron and our dedicated team, we are on a fast track to capture the market of next generation industrial waste water streams treatment brought about by water scarcity and increased environmental pressures."
"USVP has been investing in cleantech for over six years and this is our first cleantech investment in Israel. Water treatment and recycling are critical elements of adapting to climate change," said Jacques Benkoski, Venture Partner, who led USVP's efforts in the BPT investment, "BPT clearly stood out as a unique player with differentiated and leading technology to solve critical waste water recycling issues for key industrial processes
Ittai Harel, partner at Pitango Venture Capital, added: "Cleantech is an area of growing concern to the world market.
