APANA Secures Series A Financing
APANA, the leader in automated water management for business, announced the successful completion of a $3.5M Series A round of financing, led by global water and environment management company Kurita Water Industries of Japan.
APANA simultaneously disclosed that it has added new customers for its Industrial Internet-of-Things (IIoT) solution, such as California vintner Fetzer Vineyards. "We are proud to be the first winery in the world to install this unique technology from APANA," said Cindy DeVries, Chief Operating Officer of Fetzer Vineyards. "Implementing digital solutions like APANA's allows us to leverage environmental data to achieve our sustainability initiatives – and to help drive forward a more sustainable way of doing business."
Carwash leader Mister Car Wash has also signed on for a multi-site pilot. Other customers include major retail grocery chains, hotels and breweries, while Costco Wholesale, an early adopter, continues to grow in locations using the APANA solution.
In addition, APANA was recently recognized for its leadership on cooling tower water use efficiency, receiving an Innovation Incubator (IN2) award funded by Wells Fargo Foundation and co-administered by the National Renewable Energy Laboratory (NREL), as well as an Innovative Conservation Program grant from the Metropolitan Water District of Southern California.
The Series A finance will largely be used by APANA to expand sales and marketing of its industry-leading business intelligence suite for buildings and cooling towers to direct and channel partners, and to continue development of its IIoT solution using LoRa® radio technology aimed at wirelessly connecting waterflow sensors throughout an entire campus to their cloud- based analytics platform.
Michiya Kadota, President of Kurita Water Industries, said of the investment: "Kurita is deeply committed to innovation, and this strategic investment in APANA's cutting edge solution marks an important step in integrating data analytics into corporate water stewardship. We also expect to create significant synergy between APANA and Kurita."
"Since its founding 5 years ago, APANA has been making it possible for commercial and industrial businesses to make water management and savings an integral part of their operations for the first time," said Matt Rose, co-founder and CEO of APANA. "With funding from global industry leader Kurita and others, we will be able to accelerate growth and create an even more powerful water intelligence platform that combines remote sensing with prescriptive analytics at minimal capital cost."
Besides Kurita, investors include Cowles Company of Spokane, Element 8 of Seattle and Urban Innovation Fund of San Francisco.
APANA customers have demonstrated an average 22 percent savings in water use, and average payback on capital expenditure of 18 months. APANA's solution is eligible for up to 50 percent rebates in a growing number of states, including California, Washington and Nevada. Financing options are also available.
APANA has successfully deployed hundreds of systems in the United States and internationally. APANA's solution is designed to serve a wide range of water-intensive businesses in the industrial and commercial sectors, including supermarket and grocery, resort and hotel, education, carwash, food & beverage processing and manufacturing, and commercial buildings.