US venture capital firm Kleiner Perkins Caufield & Byers also joined the round having previously invested in the company.
Beijing-based Scinor focuses on membrane manufacturing technology. The investment will enable it to expand its water membrane manufacturing capacity and accelerate expansion of its new products, it said.
Peter Kennedy, managing director, CLSACP, said, “We are extremely excited to be partnering with Scinor and Kleiner Perkins. There are many water technology companies in China, but this is the first company we have collaborated with that has the combination of world class technology and a management team with a deep understanding and proven track record.”
The water membrane market in China is expected to triple to $13bn, according to CLSACP, which is less than 25 per cent of global market share.
Kennedy added, “Water is one of our key focus areas given the acute issues we are seeing in Asia, but it remains a difficult area to invest in. We believe Scinor will be an excellent standalone investment and its potential will be enhanced as part of our water eco-system, which is already adding distribution capabilities outside of the China market. Our team is building this eco-system within a portfolio of companies to assist the individual companies with product and geographic expansion.”
The investment was made through CLSACP’s Clean Resources Asia Growth Fund, which was launched in the fourth quarter of 2009.
The fund’s focus is the Asia-Pacific region’s structural trend towards greater energy and resource efficiency. This trend is being bolstered by concerns over the localised environmental degradation, population growth and governmental desire for energy, water and food security.
It currently focuses on sustainable agriculture, water, recycling, energy efficiency and cleaner energy.
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