Aquarius Spectrum are receiving $2.2m in funding from Hutchison Water (Israel) for geographic expansion, while Bevi have closed a $6.5m Series A led by Horizon Ventures (Hong Kong) for geographic expansion and R&D.
Both companies have secured funding from outside the US to take their products abroad from their original markets (Israel and the US respectively). For Aquarius Spectrum, developers of a real time leak detection system for municipal utilities that monitors over 1,000km of water pipes daily in 4 major cities in Israel, that focus remains in the United States where they will build on the connections they have made over the last year in the IH2O program and beyond.
For Bevi, the funding will allow CEO Sean Grundy and his team to take their smart beverage machine (which dispenses sparkling water and lightly flavored fruit drinks) outside of their beachhead market in the Boston area, where they have 50+ systems deployed. Along with plugging into an international food and drink network, Sean and his team will use the funds to develop the next iteration of their product.
This funding reinforces a couple of themes in the water industry. First, the breadth of opportunity waiting for water entrepreneurs. These are fundamentally different companies succeeding in the space, and demonstrating that growth capital is out there.
Second, there is no substitute for hustle. For the past year, we have witnessed first hand the way Zeev Efrat (Aquarius Spectrum’s CEO) has used the platform of the IH2O-led innovation pavilions at both the ACE15 (AWWA) and WEFTEC (WEF) conferences to broaden his network, and flush out market opportunities. Meanwhile, Bevi has demonstrated the rewards of focusing on a priority market to refine a product, build a relationship with customers, and prove product/market fit before raising the funds to scale.
Sean said, “Our team is inspired to be part of the Horizons family, working alongside leading food and beverage entrepreneurs to make the industry healthier, more sustainable, and more innovative.”
Zeev said, “"We are delighted to win the vote of confidence from one of the leading multinationals and we see this as further proof of the innovations our company is bringing to the global market. One of the challenges facing water companies throughout the world and particularly in the US, is the high rate of water-loss resulting from aging infrastructure buried beneath the ground, combined with the lack of reliable and up-to-date information about the state of pipes at any given moment."
We extend our heartfelt congratulations again to the teams at both companies. Way to go!