Desalitech Raises $11 Million in Financing Led by Spring CreekJustin Doom
Desalitech Ltd., a U.S. maker of desalination and water-treatment systems, is receiving $11 million in its latest funding round.
Spring Creek Investment Management LLC led the financing, which included existing investors Liberation Capital and AquAgro Fund LP, Newton, Massachusetts-based Desalitech said today in a statement. Liberation Capital previously invested $9.5 million in Desalitech, including $5 million last year.
“To gain participation from all previous investors in this third, oversubscribed funding round is a great vote of confidence,” Desalitech Chief Executive Officer Nadav Efraty said in the statement.
Closely held Desalitech, which was founded in Israel and first deployed commercial units in 2009, said its closed-circuit desalination systems reduce waste by 50 percent to 75 percent and use 35 percent less energy than comparable reverse-osmosis methods, lowering total treatment costs by 60 percent.