BDC Capital supports a seed round for cleantech company Acuva, which is working on a water purification system.
Canada-based cleantech company Acuva Technologies has closed an oversubscribed seed round at $850,000, attracting commitments from investors including BDC Capital, the investment arm of Business Development Bank of Canada.
Entrepreneurship@UBC Seed Fund, the fund of University of British Columbia’s (UBC) accelerator, and assorted angel investors also participated in the round.
Acuva Technologies is working on water purification technology that uses ultraviolet LEDs and is initially focusing on products for recreational boats and off-grid homes. The technology is based on research conducted at UBC.
Manoj Singh, chief executive at Acuva, said: “Acuva’s innovative UV-LED water purification system is designed to provide potable water in a compact, low-power, low-maintenance, cost-effective system for mobile and off-grid applications.
“Our initial target markets are North American recreational boats, vehicles and cottages where we already have early sales, but our ultimate goal is to reduce the cost of our technology in order to bring it to developing country households by 2020.”
– This article first appeared on our sister site Global Government Venturing.
