InnoNano Research in $18 million deal with NanoHoldings
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InnoNano Research, a clean water technology company incubated at Indian Institute of Technology Madras, on Monday finalized an agreement with US-based energy and water investment firm NanoHoldings for an $18 million investment.
With an aim to make India an exporter of water technologies, the company plans to set up a manufacturing facility, a modern research laboratory and technology delivery offices across North America, Asia and Africa.
“We are glad that we supported this effort at IIT Madras. Nano Mission is looking forward to more such efforts concerning the basic needs of people and we are ready to support them”, said Rajiv Sharma, director of Nano Mission at the department of science and technology, which supports the project.
“These technologies are destined to change the world in a significant way,” said Justin Hall-Tipping, chief executive of NanoHoldings, which has been supporting global patenting activity for the team and IIT Madras for the last four years.
Eight-year-old InnoNano Research was seeded at professor T. Pradeep’s laboratories. It was started by an IIT Madras chemical engineering graduate, Anshup.
“Looking back at important milestones in our evolution, I am 100% convinced that this development for water purification technologies and products could have happened only in India,” said Anshup, who is managing director of InnoNano.
The team, along with other research scholars and postdoctoral fellows, developed a range of technologies to tackle diverse contaminants in drinking water, maintaining international quality standards, the company said.
Pradeep, co-founder and adviser at InnoNano Research, said more will come out of such support.
“Water is an area where India needs self-reliance and every technology and every effort matters in this noble objective. Water technologies have to be inclusive as water itself presents enormous diversity, both locally and globally,” he said.