Bangalore-based Startup Uravu Labs Raises Seed Capital for its Unique Renewable Water Technology
Bangalore-based climate tech startup Uravu Labs has recently raised a seed round of funding for its unique 100 per cent renewable water technology. However, the company didn’t disclose the funding amount.
August 09, 2022. By Manu Tayal
The lead investor in the round was Anicut Capital and it was co-led by Rocketship.vc and Speciale Invest. The company also received participation of investors from India, Europe, and the US like Vesta (France), Venture Catalysts (India), Verso Holdings (Luxembourg), Spectrum Impact (India), Echo River Capital (US) and other angel investors from India, the US and the Middle East.
It is planning to utilise the raised funding amount to scale its technology, which harnesses inexhaustible atmospheric moisture and uses only renewable energy to produce high-quality drinking water. The industrial-scale and affordable solution have the ability to transform various markets - primarily the beverage industry, real estate, and hospitality sectors, and will be commercialised by 2023.
The company is thus eyeing to expand its team in R&D, engineering, marketing and business development roles to support its growth and commercialisation in the next two years through the new funds.
The company has signed beverage giants such as AB InBev and Radico Khaitan as customers and is reaching out to many more beverage and commercial customers in the Indian, Southeast Asian, Middle East, and Japanese markets. The fresh funding will build the path for further expansion in these geographies. The company also plans to work with strategic government and CSR partners to reach drought-stricken remote areas in India and Africa by next year.
Commenting on the announcement, Dr. Pardeep Garg, CEO and Co-founder, Uravu Labs said, “The seed investment will enable Uravu to accelerate its ongoing work of minimising the stress on groundwater. It will further enable us to mitigate resource depletion by converting abundantly available air into water using only renewable energy. With field pilots already out, the company is aiming to rapidly test and scale the solution with key customers.” presenting the startup’s determination to help nature and the communities getting affected daily.
On the seed funding, lead investor Ashvin Chadha, Managing Partner, Anicut Capital said, “The Uravu Labs team has embarked on a unique and impactful journey to revolutionise renewable water technology. They bring a rich experience of delivering on clean technology and mobilising the commercialization of the same for industry. With their remarkable innovation and technology stakeholders can adapt, maintain, and thrive on an enriching agenda of renewable water infrastructure. Our support to Uravu Labs comes in the wake of our renewed focus to build on the sustainability momentum for the wider industry and to continuously strengthen and encourage startups aiming to change the status quo.” while stating his trust in the company and the product.
“The concept of 100% renewable water is groundbreaking and we were excited by the progress that the team has made. We believe that Uravu and renewable water will be an important part of our efforts to tackle climate change," added Sailesh Ramakrishnan, Partner, Rocketship.vc validating the good news.
“We believe that climate-tech will play a pivotal role course-correcting environmental degradation. We know that the need for this tech is NOW!, not sometime in the future. We are very pleased to continue to invest in Uravu Labs and partner through their pioneering journey to building sustainable water infrastructure for the world from India,” said Vishesh Rajaraman, Managing Partner, Speciale Invest.
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