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MIOX Corporation announced that it has raised $14.5 million in capital to accelerate its growth into emerging markets. MIOX currently sells products to purify water for public water treatment systems, and has developed products and technology for a variety of other applications, including personalized handheld water purification, industrial water, marine, military, and pool and spa applications.
“Customers have pulled MIOX technology into a number of new applications and exciting opportunities,” said Carlos Perea, president and CEO of MIOX Corporation. “With the financial backing of our investors, we can now properly address and develop these fast growing markets. Moreover, we can continue to grow our international markets where there is a rapidly growing demand to treat water in a safe and environmentally sustainable manner.”
This round of funding was led by Sierra Ventures, with participation from Nick Pritzker via Tao Capital and New Mexico Community Capital. Also participating were the major existing investors including Flywheel Ventures. Sierra Ventures is a venture capital firm with investments in the United States, China, Canada, and India. Sierra is known for its operational expertise and ability to work with entrepreneurs and management teams to build companies into large, profitable businesses.
“Sierra invests in world-changing ideas. We’ve been interested in making an investment in the Clean Tech space for some time,” said Jeff Loomans, a partner at Sierra. “One reason Water Technology is attractive is that water is one of the largest markets in the world with a significant growth rate. It wasn’t until we found MIOX that we found a company that meets our investment criteria.”