Singapore-based clean technology startup EcoWorth Tech (EWT) has raised S$1 million ($740,070) in a seed funding round from technology commercialization and venture building firm Budding Innovations and crowdfunding platform FundedHere.
Of the total funding, Singapore-based FundedHere raised S$300,000 for EWT.
The startup, a specialist in industrial water treatment solutions, will use the investment proceeds to expand its business and trial its products with multinational corporations (MNC).
It is focused on the commercialisation of a wastewater treatment technology called Carbon Fibre Aerogel (CFA) that was developed at Nanyang Technological University. EWT claims that CFA is able to absorb a wide variety of organic material from wastewater and can be manufactured from an array of cellulose-based material such as cotton or waste paper.
Dr Bert Grobben, founder and chairman of EWT, said, “We see a significant opportunity to drive a positive impact on the industrial water and waste treatment industry and, more importantly, society at large. Water shortage is a major global concern due to population growth & industrial usage and our solution addresses these needs and offers waste-to-worth opportunities.”