AquaFresco Raising $1 Million of Growth Capital on Propel(x)
Patented Technology Filters and Recycles Water for Laundry Machine Use Propel(x): Innovative Angel Investing Platform Growing Rapidly Spurred by 506(c) Offerings
December 8, 2016 (Press Release) - SAN FRANCISCO--Propel(x), the online angel investment platform that helps investors source, evaluate, and fund pioneering science and technology startups, today announced that AquaFresco, a company with a patented wastewater recycling technology that regenerates 95 percent of the water and detergent used for laundry, is targeting a growth capital raise of $1 million on Propel(x)'s advanced platform.
"In doing our day-to-day laundry, we use 20 gallons of water to remove a tablespoon of dirt, which begged for a better solution. AquaFresco has created that solution, as well as a way to reduce costs and water and detergent usage."
AquaFresco was founded by three Ph.D. candidates from MIT, Sasha Huang, Chris Lai and Alina Rwei. While at MIT, they won numerous awards such as MassChallenge and MADMEC, MIT's annual materials science competition focused on sustainability. The team was also named a finalist of the MIT 100K pitch competition, MIT Clean Energy Prize and MIT Water Innovation Prize. Notable institutional investors of AquaFresco in the seed round include Rough Draft Ventures and the Massachusetts Clean Energy Center.
About the Technology
AquaFresco is building a smart and localized wastewater solution, aimed to reinvent laundry by reducing water and detergent use by 95 percent. The system collects discharged wastewater and runs it through a series of filtration and sanitization processes which is monitored by a proprietary sensor. The treated water, along with the detergent, is fed back to the washer. The AquaFresco technology is compact and scalable, which opens up opportunities for residential laundry recycling. The technology is also in pilots with hotels, linen service companies and laundromats. According to AquaFresco, the same water and detergent in a laundry application can be cleaned and recycled for a period up to six months.
"Today, we're seeing global water shortages, soaring wastewater treatment costs, and increased regulations on water and detergent usage, with no existing solution to treat wastewater efficiently," said Sasha Huang, CEO and Co-Founder of AquaFresco. "In doing our day-to-day laundry, we use 20 gallons of water to remove a tablespoon of dirt, which begged for a better solution. AquaFresco has created that solution, as well as a way to reduce costs and water and detergent usage."
"AquaFresco's unique, scalable model, opens up to the $20 billion market for residential and small-scale laundry services, an area no other company has been able to tap into," said Swati Chaturvedi, CEO of Propel(x). "Its technology has many applications and the potential to reinvent laundry."
AquaFresco is one of the many 506(c) companies raising funds on Propel(x)'s platform. The 506(c) registration allows a company to broadly solicit and generally advertise the offering, however investments are restricted to accredited investors. For more information, please visit: welcome.propelx.com/AquaFresco-506c-Deal-Info.html.
Financing the Future
Propel(x) was founded to help angel investors identify, understand and invest in breakthrough technologies in sectors including life sciences, computer sciences, energy & clean technology, new materials and space. Not only are investors who invest in science and technology companies financing some of the most innovative technologies, they are also investing in some of the most lucrative - deep technology companies account for the majority of the DJIA index today.
Propel(x) Inc. is an online investment platform that connects science and technology startups with angel investors in order to unleash huge innovations, grow great businesses, and have an impact on the way people live. Founded in 2013 by CEO, Swati Chaturvedi and Lisheng Wang, Propel(x) introduces its members to ground-breaking startups that are developing new forms of clean energy, life-saving drugs, new methods of space exploration, and innovative new materials amongst others. By facilitating private funding for startups based on scientific and technological breakthroughs, Propel(x) seeks to change the world and build the next generation of great companies. For more information, please visit: www.propelx.com.
AquaFresco, chosen as one of "2016 Global Cleantech 100 ones to watch", was founded in 2015. With an MIT-developed, patent-pending technology, AquaFresco is using the breakthrough material innovation to reinvent laundry by enabling users to reuse 95% of water and detergent. Beyond laundry, AquaFresco also envisions applications in car-wash, industrial cleaning, and other wastewater treatment process, truly revolutionizing the current water using technology. For more information, please visit aquafresco.co.