Recent round of funding propels Bothell company’s presence in global drinking water marketplace
HaloSource, a Bothell-based provider of clean water technology, this week announced it has secured $2.2 million in a recent round of funding as well as signed a distribution deal that will help the company accelerate its presence in the global drinking water filtration market.
“Since our founding, we’ve been building an extensive technology portfolio of ways to treat water, powering some of the world’s foremost brands in household drinking water devices on an OEM basis,” said CEO James Thompson. “We are excited about our ability to use this wealth of knowledge to introduce new technologies and consumer products into the drinking water service market — a market worth billions. We have innovated in a way that no other company has, and now we will capitalize on those innovations to offer our own unique, proprietary products.”
The funding, which was led by Invesco, Hargreave Hale, and Woodford Investment Management, as well as Italian manufacturing partner Chematek, will aid HaloSource in driving marketing for its astreaTIM line of water filtration products. Additionally, HaloSource’s five-year distribution agreement with Shanghai-based e-commerce company JiuBan will allow the company to bring its astreaTIM line to China, a critical market in the water filtration marketplace.
With the water filtration market in China growing at a rate of more than 30 percent annually, HaloSource expects to generate more than $10 million in revenue through the distribution deal.
“When we began testing HaloSource’s ability to provide safe and cost-effective drinking water 15 years ago, we knew it had great potential,” said Kent Johnson, managing partner of Alexander Hutton Venture Partners and HaloSource board member. “Now the crisis around drinking water has come to the fore, and HaloSource stands ready with an immediately executable solution.”