MIOX Corporation has secured a strategic investment from TEL Venture Capital, the corporate investment arm of Japanese semiconductor capital equipment manufacturer Tokyo Electron.
This marks the first investment by an Asia-based investor in MIOX.
The TEL investment complements grants awarded to MIOX by the National Science Foundation (NSF) targeted toward the pursuit of coupling MIOX’s core on-site oxidant generation technology with ultraviolet photolysis in an effort to provide a powerful and cost-effective water remediation process. MIOX is a venture capital-backed water technology company focused on on-site chemical generation whose current investors include DCM, Sierra Ventures, Flywheel Ventures, and Schlumberger.
"We believe it will be beneficial to learn more about water treatment and the industry’s needs," says Kay Enjoji, president of TEL Venture Capital. "This is an exciting investment in a company that has the leading technology in their field."
"We are honoured by TEL Venture Capital’s commitment to our company and their dedication to solve capacity-limiting water issues," says Craig Beckman, MIOX president and chief executive.
While investment in cleantech as a whole has declined since 2011, investment in water technology by corporate venture capitalists continues to grow. According to market research firm Cleantech Group, water and wastewater investments increased 34 per cent between 2011 and 2012 to USD355m across 65 deals. Analysts at Artemis Water Strategy have observed corporate strategic investors, family offices and private equity firms increasing their investment in water technologies over the last two years. Corporate VCs view new technologies for water management as a critical strategic advantage to improving their bottom line.
"MIOX is one of the ten companies that Artemis has identified for emerging growth investments," says Laura Shenkar, principal at Artemis Water Strategy. "Water companies are hitting a glass ceiling in scaling their operations beyond USD10m a year. Rapid growth requires strategic partnerships, a strong pipeline of new technology and a seasoned team. MIOX stands apart as a company that has built strong partnerships in several industries, including oil and gas and food processing."
