Gross-Wen Technologies Raises $6.5M in Series A Funding

GWT

Gross-Wen Technologies, a Slater Iowa-based algae-based wastewater treatment company, raised $6.5M in Series A funding.

The round was led by ISA Ventures and Iowa Farm Bureau’s Rural Vitality Fund with participation from Next Level Ventures, Mid-American Angels, Ankeny Angels, Ag Startup Engine, Oman Ventures, and 1330 Investments.

The company intends to use the funds to accelerate growth in Iowa, expand operations and its business reach.

Founded by Dr. Martin Gross and Dr. Zhiyou Wen, based on technology they developed at Iowa State University, GWT is a wastewater treatment technology company which uses algae instead of bacteria or chemicals to recover nitrogen and phosphorus from wastewater. Algae is considered the most sustainable way to treat wastewater. This is because during the treatment process algae is consuming CO2 from the atmosphere, then the CO2 containing algae is used as a slow-release fertilizer.

The company’s patented revolving algae biofilm (RAB) treatment system allows both municipalities and industries to retrofit current treatment plants, addressing nutrient management issues in an economical and sustainable way. The company’s byproduct, algae biomass, is packaged and sold as a slow-release algal fertilizer or bioplastic.

FinSMEs

20/08/2021