Chennai: InnoNano Research (INR), a clean water technology company incubated at IIT Madras, attracted $18 million investment from the US energy and water investment firm Nano Holdings (NH), to set up a global water technology company.
IIT Madras director Bhaskar Ramamurthi announced the finalising of agreement on Monday. With an aim to make India an exporter of water technologies, the company plans to set up a manufacturing facility, a modern research laboratory and technology delivery offices across North Am-erica, Asia and Africa.
Professor Pradeep, co-founder of INR said, “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.”
Anshup, an IIT Madras alumni and co-founder of the start-up, said there is a lot of demand for INR technology from countries like Bangladesh, Vietnam, Sri Lanka where there is arsenic contamination.
A few years ago, INR has become a global sensation when it patented the world’s first water purifier for arsenic contamination based on nanotechnology.
The company is also getting ready to remove fluoride contamination in northern districts of Tamil Nadu like Salem and Dharmapuri.
