January 5, 2009
Austin Based Advanced Hydro, Inc. Raised $0.5 Million In Seed Capital
Startup Advanced Hydro, Inc. raised $0.5 million in seed capital from Quercus Trust and 21 Ventures. The company is also working on a licensing agreement with Dopamine Technology from the University of Texas. Advanced Hydro was established in 2008 and is developing a product that is to prevent the fouling of membranes in water purification systems. The company is currently developing a technology, which has a patent pending that works on the wetted parts, housings, spacers, etc. This technology is to be used in a variety of industries that rely on water purification, such as water treatment facilities, beer distilleries, water desalinization, and gas and oil extraction from water.
According to Prof. Benny Freeman, Professor of Chemical Engineering at the University of Texas in Austin, dopamine technology has the potential to greatly reduce the fouling of membranes of water filtration and purification systems. Dopamine allows for the modification of all wetted parts of the system, such as membranes, filters, housings, etc. by flowing a special solution through the module. Dr. Dileep Agnihorti, CEO of Advanced Hydro believes that commercializing this technology will greatly reduce the cost of businesses who use water purification systems. The fact that Querecs Trust and 21 Ventures are funding partners on this important project. Their commitment to funding the development of this technology shows that developing and marketing this technology will generate great revenues in this difficult time financially. The need for clean water does not see financial crises or booms, since everyone needs clean water for drinking and industrial uses as well. With many people suffering financially, this cost reducing technology will greatly reduce the cost of purifying and filtering water. This will also affect the consumer by providing them with lower water bills.
Quercus Trust is based in based in Newport Beach, California, and is recognized as the leading cleaning technology in North America. Quercus Trust mainly focuses on the solar, water, bio fuels, and battery industries. Quercus Trust is known to provide long term investments to start up companies that provide promise in the expertise of its industry.
21 Ventures is a vc firm that mainly focuses on technologies and ideas that will dominate the 21 century. The majority of technologies that 21 Ventures focuses on are clean technologies and mobile software. 21 Ventures mainly provides seed funding to startup companies.