Gross-Wen Technologies Closes Oversubscribed $6.5 Million Investment
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SLATER, Iowa, Aug. 20, 2021 /PRNewswire/ -- Gross-Wen Technologies, a leading algae-based wastewater treatment company based in rural Slater, Iowa, is pleased to announce the closing of its Series A investment round. ISA Ventures and Iowa Farm Bureau's Rural Vitality Fund co-led this $6.5 million Series A investment in Gross-Wen Technologies, along with Next Level Ventures, Mid-American Angels, Ankeny Angels, Ag Startup Engine, Oman Ventures, and 1330 Investments. Gross-Wen Technologies has a patented wastewater treatment technology that uses algae to clean wastewater.
Today, many municipalities and industries are looking for cost effective solutions to meet stricter new water quality requirements. Gross-Wen's patented revolving algae biofilm (RAB) treatment system allows both municipalities and industries to retrofit current treatment plants, addressing nutrient management issues in an economical and sustainable way. The company's byproduct, algae biomass, is packaged and sold as a slow-release algal fertilizer or bioplastic. Gross-Wen Technologies is poised for continued success as they close this round of funding which was raised on the backbone of recent momentum. Notable recent progress includes (1) Beginning construction at their largest commercial project to date (Slater, IA), taking substantial steps in monetizing carbon sequestration and sustainability, and being selected to participate in the prestigious Silicon Valley based accelerator, Imagine H2O.
"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," shared Dr. Martin Gross, co-founder and president of Gross-Wen Technologies. "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."
"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," said Eric Engelmann, general partner at ISA Ventures.
About Gross-Wen Technologies
GWT is a wastewater treatment technology company which uses algae instead of bacteria or chemicals to recover nitrogen and phosphorus from wastewater. Algae is considered the most sustainable way to treat wastewater. This is because during the treatment process algae is consuming CO2 from the atmosphere, then the CO2 containing algae is used as a slow-release fertilizer. What makes GWT unique is their algae-based treatment solution, called the revolving algal biofilm system (RAB), which is considered by many experts as the top algae treatment system in the world (6 issued patents). The company was founded by Dr. Martin Gross and Dr. Zhiyou Wen and is based on a technology they developed at Iowa State University.
For more information: algae.com
About ISA Ventures
Based in Cedar Rapids, Iowa, ISA Ventures is the first multi-stage venture capital studio in Iowa that invests up to $1 million in early-stage, rapid growth, and later-stage companies. ISA Ventures' $20 million Fund II positions Iowa startups for business growth and exit. The Fund is led by an experienced, professional management team - many of whom were previously successful entrepreneurs. The Fund focuses on preferred sectors including insurance and finance, transportation and logistics, agriculture, food and bioprocessing, education, and engineering and automation technologies.
For more information, visit us at isaventures.com