University of Manchester spin-out Arvia Technology, which treats organic liquid waste, has raised money from prior backer MTI, as well as investors Sustainable Technology Investors and Park Walk Advisors.
Arvia Technology, a University of Manchester spin-out company which treats organic liquid waste, has raised £3.8m ($6.1m) from investors including venture firms MTI Partners, Sustainable Technology Investors and advisory firm Park Walk Advisors.
A number of smaller existing shareholders also invested.
Arvia has commercialised its technology to destroy organic substances that are either dissolved or dispersed in water.
Jim Totty, from Sustainable Technology Investors, and Gordon Lawson will join Mark Rahn, from MTI, as investor directors on the Arvia board.
MTI backed Arvia Technology through its UMIP Premier Fund in September 2008, and it was joined in the £800,000 round by investment managerAlliance Fund Managers’ Merseyside Special Investment Fund and private individuals.
MTI’s managing partner, David Ward, commented “Arvia was the first spin-out investment from the University of Manchester that MTI invested in from the UPF. The company has been a fantastic role model, using MTI’s initial series of investment monies to expand and professionalise its management team and to gain revenue traction by delivering commercial solutions to market. A more substantial funding round to support and accelerate growth was the next logical step and we are delighted to welcome the new investors that have joined us in putting together this new investment and share our view of both the substantial progress the company has made and its future potential”.
Totty said “One of the biggest challenges of industrial energy efficiency and waste management is to find an alternative solution to energy intensive, high cost, high temperature, and environmentally unfriendly waste incineration processes. Arvia offers an ambient temperature and energy efficient disposal solution for toxic organic wastes in many industrial sectors, and in particular solves a key unmet market need globally for the disposal of radioactive oils. We are delighted to be backing Martin Keighley and his team as they continue to build Arvia’s business in its target industrial markets.”
Alastair Kilgour, of Parkwalk, said “We believe Arvia is developing a unique breakthrough technology which will help speed up the destruction of difficult to treat oily wastes from nuclear plants and could have significant benefits in eliminating certain wastes in the Water Industry. Arvia Technology will enhance the portfolio of companies Parkwalk Advisors is building in the UK University Technology Spin-out companies through its series of specialist venture funds with EIS tax benefits.”
The legal advisors on the deal were 3volution , based in Leeds, and Laytons Solicitors in Manchester.
