Acuva Technologies Inc has secured $850,000 in an oversubscribed seed-stage financing. The Canadian investors included BDC Capital, entrepreneurship@UBC Seed Fund, and several angel investors. Vancouver-based Acuva is a developer of point-of-use water purification systems using ultraviolet light emitting diode technology created at the University of British Columbia. It is currently selling products for recreational boats and vehicles and for off-grid home use in North America, and plans to bring the technology to developing countries by 2020.
Acuva Technologies Inc. Closes $850,000 Oversubscribed Seed Round, Appoints Board
VANCOUVER, BC–(Marketwired – April 11, 2016) – Acuva Technologies Inc. (“Acuva”, or the “Company”) announced today that the Company has closed its first Seed Round, oversubscribed at $850,000, with participation from Vancouver-based angel investors, the entrepreneurship@UBC (“e@UBC”) Seed Fund and BDC Capital. Acuva Technologies is a Vancouver-based clean technology venture focused on delivering point-of-use water purification systems using leading-edge UltraViolet Light Emitting Diode (“UV-LED”) technology.
“Acuva’s innovative UV-LED water purification system is designed to provide potable water in a compact, low-power, low-maintenance, cost-effective system for mobile and off-grid applications,” stated Acuva’s CEO Manoj Singh. “Our initial target markets are North American recreational boats, vehicles and cottages where we already have early sales, but our ultimate goal is to reduce the cost of our technology in order to bring it to developing country households by 2020.”
“I am so pleased to see the results of many years of fundamental Research and Development at the University of British Columbia translated into a Canadian product that will ultimately save lives and improve global health,” said Dr. John Hepburn, VP Research and International, University of British Columbia. “Our e@UBC program, delivered through a combination of education, mentorship and early-stage finance, is successfully bridging the gap between UBC and the venture community to bring our world-class, impactful innovations to market.”
Acuva has also announced the creation of its first board with membership comprised of Mr. Manoj Singh Chief Technology Officer, Dr. Fariborz Taghipour; Vancouver-based angel investors Jennifer Thompson, Entrepreneur-in-Residence at e@UBC, and John Rose, President of John Rose Consulting and former President & CEO of NuHeat Industries Ltd.; and Todd Farrell, President of e@UBC Management Inc.
About Acuva Technologies Inc.
Using proprietary technology developed at the University of British Columbia, Acuva is commercializing a new microbial water purification system called Arrow that is a low-power and low-maintenance design leveraging emergent UV-LED technology. The Company is currently selling products for recreational boats and vehicles and for off-grid home use. More information about Acuva is available at www.acuvatech.com.
About the University of British Columbia
The University of British Columbia (UBC) is one of North America’s largest public research and teaching institutions, and is consistently ranked among the world’s 40 best universities. UBC offers more than 58,000 students a range of innovative programs and attracts $519 million per year in research funding from government, non-profit organizations and industry through over 8,000 projects and grants. UBC’s venture accelerator entrepreneurship@UBC (e@UBC) has helped more than 400 venture teams to learn about entrepreneurship and build ventures that leverage the research and innovations emerging from any discipline at UBC. Visit www.ubc.ca and www.entrepreneurship.ubc.ca.
About BDC Capital
A subsidiary of BDC, BDC Capital offers a full spectrum of specialized financing and investment solutions to help Canadian entrepreneurs achieve their full growth potential. With more than $1.6 billion under management, BDC Capital takes a strategic, patient approach to nurture companies’ development over the long term. From venture capital to equity to growth and transition capital, our team of over 100 experienced, local professionals partner with entrepreneurs to identify and meet their needs on flexible terms. Some of the sectors in which we specialize include IT, industrial/clean/energy technology, and healthcare. For more information, please visit www.bdccapital.ca or follow us on Twitter at @BDC_Capital.
Acuva Technologies Inc.
Mr. Manoj Singh
President & CEO
Mr. Manoj Singh
President & CEO
Ms. Jennifer Thompson
Photo courtesy of Acuva Technologies Inc