UK university spin-out Arvia Technology has secured a £3.8m investment to develop its nuclear and water business.
Arvia’s existing investor MTI Partners, joined new investors Sustainable Technology Investors Limited (STIL) and Park Walk Advisors, alongside a number of smaller existing shareholders in the all-equity deal.
MTI made the investment out of its UMIP Premier Fund. Earlier this year the firm launched its £150m Orion Fund to target university spin-outs
Arvia Technology is a University of Manchester spin-out company that has commercialised its technology to destroy organic substances that are either dissolved or dispersed in water. The company is also performing a number of field trials in the municipal, industrial and swimming pool water markets. The company said its technology offers a low energy, chemical free and waste-stream free organics destruction solution.
This investment will enable Arvia to grow its business in both of these activities, each representing a substantial commercial opportunity, it said.
Jim Totty STIL and Gordon Lawson of Bridges Ventures will join MTI’s Mark Rahn as investor directors on the Arvia board.
MTI’s managing partner David Ward said “Arvia was the first spin-out investment from the University of Manchester that MTI invested in from the UPF. The company has been a fantastic role model, using MTI’s initial series of investment monies to expand and professionalise its management team and to gain revenue traction by delivering commercial solutions to market. A more substantial funding round to support and accelerate growth was the next logical step and we are delighted to welcome the new investors that have joined us in putting together this new investment and share our view of both the substantial progress the company has made and its future potential”.
Totty added “One of the biggest challenges of industrial energy efficiency and waste management is to find an alternative solution to energy intensive, high cost, high temperature, and environmentally unfriendly waste incineration processes. Arvia offers an ambient temperature and energy efficient disposal solution for toxic organic wastes in many industrial sectors, and in particular solves a key unmet market need globally for the disposal of radioactive oils. We are delighted to be backing Martin Keighley and his team as they continue to build Arvia’s business in its target industrial markets.”
Copyright © 2012 AltAssets