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Dealipedia - Stonybrook Water Purification Inc receives an investment from Battery Ventures...

Stonybrook Water Purification Inc receives a $4.1 million investment

Deal Participants:
Company: Stonybrook Water Purification Inc View Profile Charts Homepage
Investors: Battery Ventures View Profile Add Homepage   Google Search
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Modern Water View Profile Add Homepage Google Search
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TianDi Growth Capital View Profile Charts Homepage
Deal Financials:
Investment Amount: $ 4.1 million
Series: A
Date:
Announced: Oct 17, 2007

PRESS RELEASE - Stonybrook Water Purification Inc receives a $4.1 million investment

Industry Veteran Clint Kopp Joins as Chief Technology Officer

STONY BROOK, N.Y., Oct. 17 /PRNewswire/ -- Stonybrook Purification, a
spinout of Stony Brook University, today announced the close of the first
tranche of a $4.1 million Series A investment led by Battery Ventures. T2
Venture Capital (T2VC), the founding investor and early incubator of the
company, also participated in this round, along with new investors Modern
Water and TianDi Growth Capital.
Stonybrook Purification was co-founded by Ben Chu, Distinguished
Professor of Chemistry, and Ben Hsiao, Chairman of the Chemistry
Department, at Stony Brook University. The company's patented technology is
based on years of research by Professors Chu and Hsiao. The company will
bring to market a novel concept for increasing the performance of high flux
membranes for a variety of purification, filtration, and desalination
applications. The technology has the potential to significantly increase
the performance of and reduce the costs of processing water on a large
scale.
The company also announced that water industry veteran Clint Kopp has
joined as Chief Technology Officer. Kopp was previously VP R&D/Chief
Technical Officer of Memtec, Ltd. Kopp helped guide Memtec's membrane
technology development from inception to approximately $300 million in
revenue and an acquisition by Siemens. "It's exciting to join a company at
this stage, with so much opportunity in what is readily acknowledged as a
multi-billion dollar worldwide market," said Kopp. "Because of Professor
Chu and Professor Hsiao's scientific prowess, we are in an exceptional
position to commercialize this technology. Today's financing will help us
accelerate that path as we work to bring their discoveries to market."
T2VC's Managing Director Victor Hwang, also a company co-founder, is
serving as interim CEO. T2VC is the venture affiliate of Larta Institute, a
leading organization that commercializes technologies from government
agencies and universities. Said Hwang, "It's satisfying to find such
compelling technology and be in a position to secure investment and hire
talent to build a company around it. We are lucky to attract someone of
Clint Kopp's caliber, whose direct experience scaling membrane technology
and whose in-depth knowledge of worldwide water markets is an ideal fit."
Professor Chu, said, "Although Professor Hsiao and I have been at the
forefront of scientific research in this area for years, this is an
incredible step for us. With 40% of the world lacking access to clean
drinking water, we are very excited by the prospect of turning our
breakthrough into a commercial product that can potentially improve the
lives of millions of people."
"We have the opportunity to invest in a lot of companies in the
advanced materials space and recognize the potential these advancements
have to significantly impact many industries," said David Dreessen, Partner
at Battery Ventures. "In the case of Stonybrook, we have a potential game
changing technology intersecting with a great market opportunity."
The investors in Stonybrook combine clean technology expertise,
worldwide reach, and experience commercializing early technologies:
-- Battery Ventures: Battery is a $3B venture capital firm that invests
in technology and innovation worldwide. The firm's Clean Tech and
Advanced Materials portfolio ranges from solar and biofuels companies
to leaders in water instrumentation and analytics, and includes: Advent
Solar, Bright View Technologies, Luminus Devices, Nanoconduction, Lion
Cells, Nova Analytics, Nova Technologies, Quantum Leap Packaging,
Freshpoint, and SunEthanol.
-- Modern Water: Headquartered in the UK, Modern Water was established to
build and exploit a portfolio of water technologies to address problems
of the availability of freshwater and the treatment and disposal of
wastewater. Managed by an executive team which has long experience in
the water industry, Modern Water is at the leading edge of new and
important technology, which is vital to the future sustainability of
the world's most precious commodity.
-- T2VC: T2VC is an early-stage venture capital firm that invests in
spinouts from government and academia. The founders of T2VC are
experts in technology commercialization, with unique expertise at the
intersection of technology, venture capital, government, and academia.
-- TianDi Growth Capital: TianDi Growth Capital builds global companies
based in China through worldwide technology transfer. The firm
strategically invests in growth-driving sectors of the Chinese economy,
with a focus on: Alternative Energy and Environmental Technology.
Seasoned investors include top US and China venture capitalists with
deep networks in China and significant experience building global
businesses.
About Stonybrook Purification
Stonybrook Purification is a startup company that has developed
breakthrough technology to dramatically lower the cost of making clean
water. The technology helps solve one of the major bottlenecks in water
purification: the slow speed of filtration membranes. For more information
please visit http://www.stonybrookpure.com or contact
info@stonybrookpure.com.
For more information contact:
Karen Bommart
Battery Ventures
(781) 478-6600
kbommart@battery.com
This release was issued through eReleases(TM). For more information,
visit http://www.ereleases.com.

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Dec 10 '07
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