ZwitterCo closes US$58.4mn Series B funding round

Membrane technology company ZwitterCo has secured US$58.4mn in an oversubscribed Series B funding round led by Evok Innovations.

ZwitterCo, which recently commissioned an Innovation Center at its headquarters near Boston, will use the funds to strategically invest in international expansion and the rapid advancement of its technology platform.

“Climate change is simultaneously driving water scarcity and increasing demand for water in industries critical to the low-carbon transition,” said Alex Rappaport, ZwitterCo co-founder and CEO. “This funding will allow us to rapidly scale our breakthrough membrane technology, empowering industries to reliably and affordably access unconventional water resources while ensuring the water used or recycled in these industries meets the highest purity standards.”

ZwitterCo’s technology creates unprecedented immunity to organic fouling, enabling the company’s membranes to continue working efficiently and sustainably long after traditional membranes would have clogged.

The need for such advanced membrane technology is rising as the changing climate worsens regional water shortages. At the same time, water plays a vital role in the industries building the low-carbon economy of the future. From the production of hydrogen from seawater and the safe management of wastewater from critical mineral extraction to fluid management in renewable and low-carbon biofuels or precision fermentation applications, the industries driving global decarbonization rely heavily on water.

“The full spectrum of the energy transition – from power and next-gen fuels to mining and critical minerals – relies on clean water,” said Naynika Chaubey, partner at Evok Innovations. “The increasing unreliability of global water sources could put many of our energy systems at risk. ZwitterCo’s breakthrough technology is critical and timely, making this investment a cornerstone of Evok’s portfolio.”

Evok was joined in the funding round by DCVC, BHP, Munich Re Ventures, Siteground, HG Ventures, and Blue Horizon Advisors.

Jason Pontin, general partner at DCVC and chairman of ZwitterCo’s board of directors, said that as global temperatures rise and weather patterns are disrupted, ZwitterCo is well-positioned to make a significant impact on industries and communities worldwide.

“Long before the planet feels the worst of climate change, without new solutions and more efficient water markets, cities and farms around the globe will suffer severe water stress,” Pontin said. “Reusing unconventional water sources is the only way to achieve water resiliency, and ZwitterCo’s groundbreaking membrane technology is the key deep tech breakthrough that makes water reuse practical and economical. DCVC has invested in ZwitterCo at every stage from its last Seed round, because nothing is more important than the company’s work to secure a sustainable water future.”