Boon, a watertech business, has raised $5 million in a Series A fundraising round that includes both equity and debt. The investment was led by Spanish firm Roca Group Ventures, with participation from other investors.This marks Roca Group’s first institutional investment in India. Roca also purchased Parryware in India in 2008.
Boon had previously raised $1.6 million in its last financing round in February 2021.
According to a news statement, the new funds will be used to expand the company’s AI-enabled Waterlo platform.
Boon (previously Swajal) was created in 2015 by Vibha Tripathy and Advait Kumar. The company uses patented technologies such as predictive filter maintenance and AI to ensure water purification systems are efficient and reliable. The platform offers sustainable alternatives to plastic-packaged water, utilizing real-time technology to monitor water quality and filter health. It claims to be less expensive than purchasing plastic water.
According to the Gurugram-based startup, their WaterIo solution allows purifiers to check the quality of each and every drop of water via app-based quality changes. Boon partners with major offices, hospitals, universities, airlines, and rail stations to deliver sustainable hydration.
It has established WaterATM, a community water filtration facility in India, and offers sustainable glass water solutions to hotels.
Boon is supported by institutions such as the Department of Science and Technology (Government of India), the Rajasthan State Government, and SIDBI, as well as foreign organizations such as UNDP and REEEP. Uravu Labs, Aquasense, Oceo Water, and DrinkPrime are some of the significant players in this field.
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