Wednesday, September 23, 2009

BPT Closes $12 Million in Series B Financing Led by Pitango Venture Capital and U.S. Venture Partners

Bio Pure Technology Ltd. ("BPT"), a Rehovot, Israel-based company developing chemically-stable membrane-based separation solutions for critical industrial processes, recently announced that it has completed its Series B financing, raising $12 million.

U.S. Venture Partners (USVP) and Pitango Venture Capital led the round with participation from existing investors Aurum Ventures and Elron Electronic Industries. Funds will be used for expanding manufacturing facilities, for continuing R&D and to further develop sales and marketing infrastructure to meet increased worldwide demand.

In conjunction with this round Christopher J. Rust, a partner at USVP, Jacques Benkoski, a venture partner at USVP, and Ittai Harel, a Partner at Pitango, will join the BPT board of directors.

BPT is focused on developing and commercializing advanced membranes-based separation solutions to address the needs of the water and wastewater treatment industries. BPT’s unique chemically-stable membrane technology and associated systems enable customers in the landfill, mining, chemical, biopharma and food industries to filter their aggressive waste water to be economically viable, re-use water and comply with environmental regulations. According to BPT, the Company provides solutions where other membrane-based technologies cannot withstand the aggressive waste characteristics and alternative technologies such as evaporators and incinerators are often not economically viable.

“USVP and Pitango have deep experience in building great companies; we are proud to have them as lead investors, and to have their partners join our board,” said BPT’s CEO, Nir Kinory. “Together with our existing great investors, Aurum and Elron and our dedicated team, we are on a fast track to capture the market of next generation industrial waste water streams treatment brought about by water scarcity and increased environmental pressures.”

Ittai Harel, partner at Pitango Venture Capital, added: “Cleantech is an area of growing concern to the world market. BPT’s technology and tremendously experienced R&D group are well positioned to play a significant role in the application of nanotechnology to water technology.”

“USVP has been investing in cleantech for over six years and this is our first cleantech investment in Israel. Water treatment and recycling are critical elements of adapting to climate change,” said Jacques Benkoski, Venture Partner, who led USVP’s efforts in the BPT investment, “BPT clearly stood out as a unique player with differentiated and leading technology to solve critical waste water recycling issues for key industrial processes."

BPT was founded in 2000 and is located at the Weizmann Science Park in Rehovot, Israel. BPT previously raised $2.5 million from Aurum Ventures and Elron in 2007.