Boon, a WaterTech pioneer focused on remote water purifying, monitoring and dispensing innovations, has raised 5 million USD in Series A funding, in a mix of equity and debt. The round was led by Spanish Roca Group Ventures, Roca Group’s venturing fund, with participation from others. This movement marks Roca’s first-ever investment in a startup in India. Roca also acquired Parryware in India in 2008.
Boon aims to drive the fundraise to scale its AI-enabled WaterIoT™ platform. WaterIoT™ helps purifiers to monitor the quality of every single drop of water with app-based quality adjustments. Boon uses its patented technologies as predictive filter maintenance using AI to ensure high efficiency and reliability of water purification systems. Co-founded by IIT Kanpur alumnus Dr. Vibha Tripathi and PennState alumnus Advait Kumar in 2015, Boon is a technology startup challenging the inertia around drinking water by providing the purest and most nutritional water for a healthy body.
Speaking about the fundraise, Advait Kumar, Founder, Boon, commented, “Water has taken a back seat and lately it has been feeling like we are passive spectators when it comes to water quality, plastic bottles or microplastics in drinking water. We are very excited to have partnered with Roca in our efforts to challenge the status quo of drinking water. Water is the most fundamental of human needs and rights, and capital deployment to enable innovation in hydration is going to be key for our future.”
Roca Group Ventures commented, “We are excited on this first investment in an Indian startup with Boon. Their advanced approach to water purification with a clear inclination towards sustainability and technological innovation is commendable. We believe in Boon’s potential to revolutionise the WaterTech industry and we are eager to support their growth and expansion.”