HaloSource, a US-based clean water technology company, has raised $10 million from new investors including Prime Partners Asia Merchant Capital of Singapore. China and India focused private equity fund Origo Sino-India Plc (OSIL) is an existing investor in the company, which, along with Origo Resource Partners Ltd (ORPL), has led a $11.5-million growth funding round in HaloSource in 2008.
This is the extension of series D funding in which Origo participated earlier. The company plan to utilize the fund to support commercialization of its HaloPure water purification business, said a company statement.
Since 2007, HaloSource has raised over $30 million to roll-out its drinking water business. Its existing investors include Masdar Clean Tech Fund, Unilever Technology Ventures, Origo Partners PLC and Mars Inc.
HaloSource launched its business in India in 2006 in partnership with Mumbai-based Eureka Forbes. The company has been marketing its products extensively in rapidly growing economies including India, China and Brazil in which the markets for drinking water products are growing at 20% per annum.
HaloSource believes the latest funding will enhance its products offering and find new avenues of revenue generation. “The funding round will position us well to take the business through to sustainable positive cash generation,” John Kaestle, chief executive of HaloSource said in the statement.
HaloSource offers low-cost, point of use drinking water purification technology through HoloPure initiative. It sells its products to regional, super-regional and multi-national water device manufacturers that seek higher performance related to primary disinfection, bio-film inhibition and safe storage.
HaloSource is headquartered in Seattle, USA and has manufacturing facilities in Raymond (near Seattle), Bangalore and Shanghai. It has recently entered into an agreement with WAL (SA), a Switzerland-based international water filtration products company, for the use of its HaloPure disinfection cartridges in WAL‘s jug and pitcher products, with an initial focus on South America, the Middle and Far East and European markets.