In-Pipe Technology Raises $3.5 Million In Series A Equity Investment Funding
October 31, 2005
WHEATON, IL - In-Pipe Technology, a provider of engineered technology and services for wastewater treatment, announced that it has closed on a $3.5 million Series A equity funding from a group of institutional investors. In-Pipe's lead investor was formed exclusively to invest in technology companies positioned to meet the many escalating regulatory, budgetary and operational challenges faced by today's wastewater treatment facilities.
"In-Pipe Technology has proven the old adage that an ounce of prevention is worth a pound of cure," said Dan Williamson, co-founder and CEO. "With our patented technology and bioengineering processes, In-Pipe changes the nature of wastewater collection systems, turning them into highly productive parts of the treatment process."
After studying the market for over a year, the new investors found In-Pipe's patented technology to be among the most effective in addressing the challenges faced today by wastewater treatment facilities. In particular, In-Pipe helps municipalities achieve environmental compliance, control odors and corrosion, limit the impact of fats, oils and grease, reduce operating costs and maximize returns from infrastructure investment.
"This simple idea, that treatment should occur throughout the wastewater collection system, has brought great gains in productivity for our customers," Williamson added.
This funding is a preferred equity investment and is the investor's first in what is expected to be a series of investments in the wastewater industry.
In-Pipe will use the investment to expand its technology research and development, strengthen customer support capabilities, recruit a technical advisory board consisting of industry leaders and support its aggressive business development efforts throughout North America and Southeast Asia.
In-Pipe - Kosmo Biotechnology Joint Venture
Specific to Southeast Asia, the company also announced a joint venture with Kosmo Biotechnology of Kuala Lumpur, Malaysia. Kosmo Biotechnology is a subsidiary of Kosmo Seraya which is a holding company that includes major activities in the automotive, cellular telephone, and oil and gas production sectors in the Southeast Asia region. Under terms of the agreement, the new venture, IPT Kosmo Biotechnology, has acquired the rights to use In-Pipe's proprietary technologies to address the region's most challenging wastewater problems.
Furthermore, the joint venture will undertake research and development to develop solutions surrounding wastewater treatment, waste reduction, and waste bioconversion processes.
"The fact that Kosmo selected In-Pipe Technology to address the many challenges faced in Southeast Asia is further evidence that In-Pipe's focus on real science and real results makes us a partner our customers can count on," said Williamson.