Advanced Mem-Tech has raised $5 million in funding. SEB Alliance, the corporate venture company of Groupe SEB and Uzi Halevy led the round. Based in Israel, Advanced Mem-Tech is a developer of filtration membranes.
TEL AVIV, Israel, March 11, 2014 /PRNewswire/ —
Advanced Mem-Tech announced the completion of financing round of close to $5 million. The company develops innovative membrane filtration processes used in water treatment. Investors in this round are a US investors group, led by Mr Uzi Halevy and SEB Alliance, the corporate venture company of Groupe SEB.
Advanced Mem-Tech, a portfolio company of Trendlines Agtech, owned by The Trendlines Group, develops innovative filtration membranes, characterized by a high flow, which separate solids from water during the treatment and purification of waste water and clean water environmental contamination. Advanced Mem-Tech’s membranes are able to filter bacteria, microbes and parasites from water at a higher rate than current solutions.
A lack of clean water is a global crisis leading to a continuous search for innovative technological solutions. Advanced Mem-Tech’s technology uses less energy and a smaller ecological footprint than other technologies available on the market, giving the company a distinct competitive advantage and addressing market segments that were previously inaccessible.
The company recently completed a funding round of close to $5 million, in addition to initial investments by private investors and the incubator program of the Office of the Chief Scientist in Israel.
Moshe Kelner, CEO of Advanced Mem-Tech: “Our membrane technology produced successful results at several locations around the world. Its uniqueness is that it is relevant for applications and new market segments, where membrane technology has not been present to date. We’re currently in negotiations to implement and market our technology in a number of relevant applications with various companies from Europe and the U.S. The membranes we developed have real potential to optimize the water purification process and provide clean water while reducing energy consumption and the ecological footprint left by the process on the environment.”
The company’s technology is based on the development of a team of leading researchers from the Technion, including Morris Eisen, Ph.D. and Rafi Smiiat, Ph.D. Advanced Mem-Tech holds a business partnership with The Israeli Water Company through the Watech program, as well as a strategic partnership for the production of polymers with a leading international polymer company. The company recently agreed to cooperate with a group leading engineering projects for the U.S. The membrane market currently stands at about $20 billion a year.
About SEB Alliance
SEB Alliance is the corporate venture company of Groupe SEB, the world leader in small domestic equipment. Groupe SEB operates in nearly 150 countries with a unique portfolio of top brands including Tefal, Rowenta, Moulinex, Krups, Lagostina, All-Clad, and Supor, marketed through multi-format retailing. Selling some 200 million products a year, it deploys a long-term strategy focused on innovation, international development, competitiveness and customer service. Groupe SEB has more than 25,000 employees worldwide.
Groupe SEB has created SEB Alliance to prepare for coming changes in the small domestic equipment market and to extend its innovation strategy to new technologies and expertise.