Phosphorous removal start-up I-Phyc raises second funding round
Industrial Phycology (I-Phyc) has secured a second round of funding from the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund, and Trowlock Strategic Planning.
The latest funding brings the total raised by the company to more than £1.2m and supports its plans to create 25 new jobs over the next five years.
Bristol and Birmingham-based I-Phyc's system ensures that wastewater meets the strict new limit for phosphorous levels. The business is already in discussion with water companies for the first units and, with the sales pipeline growing faster than predicted, it is planning to raise further investment in the coming months to help it meet demand.
"Only 14 per cent of UK rivers meet the minimum standard for water quality and although new regulations impose a ten-fold reduction in phosphorus levels, many sewage plants cannot achieve this," said chief executive Russell Bright.
"I-Phyc's system offers a natural solution that could help clean up our coasts and rivers. We are delighted that our existing investors are supporting this second fund round which is a great endorsement of their faith in the technology."
Jo Slota-Newson, investment manager at Mercia, added: "Water companies are eagerly searching for new technologies to help them meet the new standards. Following the success of the recent trials, I-Phyc has seen very strong interest from them. This latest funding round will allow it to expand its team and start supplying its systems to the industry."
Grant Peggie, director at the British Business Bank, said: "From its Birmingham base, I-Phyc has developed an innovative new water treatment system with huge potential.
"This marks the second investment round the MEIF has supported, with the fund helping to support the firm’s long-term growth. Further demonstrating how this fund can make a real and measurable difference to growing innovative businesses across the Midlands Engine region."SOURCE