Insufficient availability of safe drinking water is a global concern. InnoNano Research, incubated at IIT Madras, aims to address this concern through its modern technology of water purification. In order to further scale and expand the technology, the firm has raised $18 million from US-based energy and water investment firm NanoHoldings.
According to co-founder and advisor of InnoNano Research Thalappil Pradeep. the funding will come over a span of 5 years out of which $6 million will be spent over the next three years.
InnoNano Research plans to use the funds to set up a manufacturing facility, research lab, and technology delivery offices across North America, Asia, and Africa.
Commenting on the same, T Pradeep said,
Water is an area where India needs self-reliance and every technology and every effort matters in this noble objective. Water technologies have to be inclusive as water itself presents enormous diversity, both locally and globally.
InnoNano Research has developed technologies to treat impurities in water such as arsenic content, metals and pesticides. It received multiple grants from the government with the help of Department of Science and Technology(DST) to develop various technologies.
It also implemented the technology and provided safe drinking water across 700 villages in India in states like Punjab, West Bengal, and Karnataka. It further plans to bring this technology to more than 1500 villages by 2017.
Justin Hall-Tipping, CEO, Nano Holding commented,
These technologies are destined to change the world in a significant way.
Recently, Bhabha Atomic Research Centre also developed a technology for desalination of sea water to generate 6.3 million of fresh drinking water per day. It has also made several membranes to purify water groundwater containing impurities like arsenic and uranium and make it fit for drinking.
InnoNano Research was founded by an IIT Madras alumnus Anshup who is now the managing director of the firm. The company was seeded in its cofounder and advisor Professor T Pradeep’s laboratories.
With funding from Nano Holdings, in addition to global expansion, InnoNano will also spend a substantial amount of funds on research and new technologies like new membranes and new sensors. It will use a part of funds for the patent protection of its technologies.