IIT Madras Incubated Startup InnoNano Research raises $18 million Funding
In first of its kind, Indian Institute of Technology Madras incubated a clean water technology company InnoNano Research finalized an agreement with US-based energy and water investment firm NanoHoldings for an $18 million investment. The company makes affordable clean drinking water reach very nook and corner of the country, especially areas that are affected by heavy metals.
The Indian start-up firm will be holding majority of stakes in the joint global venture.
The $18 million will be spent over a period of next five years, out of which $5 million will be spent on developing new technologies in the area of water purification - said Thalappil Pradeep, who is heading a research group at IIT Madras and co-founder of InnoNano Research.
“We have already got $3.25 million of which $1.2 m...