Massachusetts-based Oasys Water Inc., a desalination and water treatment specialist, has closed a $10 million Series A round of financing.
Lead investors included Massachusetts-based Flagship Ventures and Advanced Technology Ventures (ATV), as well as Silicon Valley firm Draper Fisher Jurvetson (DFJ).
Oasys will use the funds to develop its commercial platform to reduce the amount of electricity required to produce clean drinking water from seawater and other non-potable and wastewater sources. The company claims its technology allows it to produce drinking water at less than half the cost of existing desalination methods. Oasys says its system eliminates the high-pressure necessary in modern reverse osmosis (RO) systems, thereby reducing electricity and fuel demands by over 90%.
“Water shortages are no longer a ‘far-away’ problem,” said Aaron Mandell, president and CEO of Oasys. “California is currently facing the worst drought it has ever seen and cannot maintain the minimum water necessary to sustain living standards. The problem is exacerbated by the rising cost of electricity, as water production is already the single largest use of California’s electrical grid.”
Oasys’ technology was originally developed at Yale University, and the company was formed with seed investment from GreatPoint Ventures (GPV).