Water tech firm Gradiant hits 'unicorn' status after $225 mln raise (updated)

Gradiant

17/05/2023 15:40

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      Raises $225 mln in Series D funding round
    

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      Money raised will help fund expansion, research
    

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      Raise sees company now valued at $1 bln 
    

  
 (Adds quote from Gradiant and BoltRock in paragraphs 5 and 10)
    By Simon Jessop
       LONDON, May 17 (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  2330.TW ,
GSK  GSK.L  and Rio Tinto  RIO.L  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)
 ((simon.jessop@thomsonreuters.com; +44 (0) 207 542 5052;
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