Water tech firm Gradiant hits $1 billion valuation after fundraising

Gradiant

17/05/2023 11:00

LONDON, May 17 (Reuters) - Water technology company
Gradiant said on Wednesday it has become a sector "unicorn"
after raising $225 million in its latest funding round, backed
by BoltRock Holdings and Centaurus Capital.
    A unicorn is 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,
which took its value to $1 billion, would be used to continue
its expansion, including into new markets such as the Middle
East, as well as research and development.
    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  2330.TW ,
GSK  GSK.L  and Rio Tinto  RIO.L  among its clients, it said.

 (Reporting by Simon Jessop; Editing by Emelia Sithole-Matarise)
 ((simon.jessop@thomsonreuters.com; +44 (0) 207 542 5052;
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