Axine eyes commercialisation with US$6m funding round
Canadian electro-chemical wastewater treatment firm Axine Water Technologies has closed a Can$8 million (US$6 million) Series B funding round led by Japanese conglomerate Asahi Kasei.
The Vancouver-based company, which has raised around Can$7.7 million (US$5.8 million) since 2012 in seed capital and Series A funds said it is now ready for a first commercial deployment of its technology, which uses electrolytic cells to break down organic pollutant compounds.
The company is pitching the technology as a lower-cost chemical-free option for toxic industrial wastewater streams. Industrial sectors including oil & gas, microelectronics, pharmaceuticals and landfill leachate are all seen as potentially lucrative targets for the modular treatment units.
The Asahi-led funding round also saw participation from three existing Axine shareholders – Chrysalix Energy Venture Capital, BDC Energy Venture Capital and Roda Group.