LEXINGTON, Mass.--(BUSINESS WIRE)--Clean Membranes Inc, a New England based start-up developing a new generation of non-fouling membranes, announced today that it has concluded its Series A round of financing. The proceeds will be used primarily to take the technology, licensed on an exclusive basis from the Massachusetts Institute of Technology, from laboratory discovery stage to pre-industrial scale-up level. The investment was led entirely by Morningside Venture Investments Limited.
Reenie McCarthy will join the Clean Membranes board of directors as Morningside’s designee.
"Securing this financing round was a significant milestone that puts Clean Membranes in a strong initial position to develop non-fouling membranes for various water treatment applications,” said Jean-Marc Pandraud, President and CEO of Clean Membranes Inc.
"We were impressed by Clean Membranes’ innovative chemistry and the potential breadth and scope of its market reach,” said Reenie McCarthy of Morningside. "We look forward to working with the Clean Membranes team to fully realize the potential of this technology."
About Clean Membranes
Clean Membranes is a privately held technology company headquartered in Lexington, MA.
Clean Membranes’ proprietary, innovative, high-performance, smart copolymer self-assembles into a hydrophilic membrane surface. These membranes are inherently anti-fouling and exhibit higher water flow, dramatically improving filter performance and long-term operating life.
Potential applications include municipal, wastewater, oil and gas, pharmaceutical and food industry produced waters, seawater desalination, as well as producing potable water from brackish water and many more purification applications.
The combination of higher membrane permeability and exceptional fouling resistance results in significantly lower manufacturing and operating costs than existing membrane technology.
For further information, please visit www.cleanmembranes.com.
About Morningside
Morningside is a diversified investment group founded in 1986 by the Chan family of Hong Kong. It is engaged in both private equity and venture capital investments. The group's venture investments in North America, Europe and China are spread across the internet, life science and clean technology sectors. Its offices are in Boston, Beijing, Shanghai and Hong Kong.
More information is available at www.morningside.com.