Gross-Wen, a biotechnology startup based in Iowa, has closed a $6.5 million Series A financing round to continue developing its algae-based wastewater treatment technology.
The funding round was co-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 round brings the total funding raised by the startup to $13.1 million. Eric Engelmann, general partner at ISA Ventures, referred to the firm’s participation by stating:
“We’re proud to invest in this groundbreaking company and its technology, led by an exceptional team, to accelerate Gross-Wen Technologies’ growth in Iowa,”
The biotechnology startup is developing cost-effective solutions to allow industries and municipalities to meet water quality regulations using its revolving algae biofilm (RAB) technology. Over the past years, the startup has made substantial progress in monetizing carbon sequestration and sustainability, two aspects of increasing relevance in different industries amid environmental concerns.
Gross-Wen Technologies was also recently selected to participate in “Imagine H2O”, a prestigious Silicon Valley-based accelerator. Dr. Martin Gross, co-founder and president of Gross-Wen Technologies, referred to the round’s success by stating:
“There is a tremendous opportunity for sustainable water treatment technologies. This funding will provide GWT the capital to grow our existing presence in Iowa and the Midwest and provide us the resources to develop new markets across the US. We are thrilled to add ISA Ventures, Rural Vitality Fund, and Next Level Ventures as our newest shareholders at GWT. These firms represent the top venture capital firms in Iowa and we look forward to their guidance as we expand our business.”
With demand for alternatives to traditional bacteria/chemical-based water treatment, the Biotechnology startup is aiming to become the leader when it comes to algae-based solutions, which is widely considered as one of the most effective technologies in existence.
