By Simon Jessop
LONDON (Reuters) – Water technology company Gradiant said on Wednesday it raised $225 million in its latest funding round, boosting its valuation to $1 billion which makes it a sector ‘unicorn’.
Unicorn is a term for an unlisted firm valued at $1 billion or more.
Boston-based Gradiant’s technology is used across a range of sectors including pharmaceuticals and semiconductors to help companies reduce water usage and clean up wastewater for reuse.
The company said the capital raised in the Series D round, backed by BoltRock Holdings and Centaurus Capital, would be used to continue its expansion, including into new markets such as the Middle East, as well as research and development.
“BoltRock and Centaurus share our vision and bring smart, long-term capital that will help Gradiant grow into the world’s most impactful water company,” said Anurag Bajpayee, co-founder and CEO of Gradiant.
The company has raised more than $400 million to-date and saw 100% year-on-year revenue growth over the last four years, it said, as shrinking supplies of fresh water amid rising droughts force companies to use supplies more efficiently.
“As global manufacturing and supply chains continue to advance, they demand more and more water resources which are increasingly rare and finite,” John Arnold, Founder of Centaurus Capital, said in a statement.
“We are excited to partner with a company that has truly proven the ability to support these demands in an economic and energy efficient manner.”
Founded at the Massachusetts Institute of Technology, Gradiant employs more than 900 people and counts companies including Taiwan Semiconductor Manufacturing Co Ltd, GSK and Rio Tinto among its clients, it said.
“The company is led by a strong proven management team with a deep understanding of water technologies and the operational needs of Fortune 100 customers,” said Craig Huff, founder and managing member of BoltRock Holdings.
(Reporting by Simon Jessop; Editing by Emelia Sithole-Matarise)