SAN FRANCISCO, Feb. 25, 2020 /PRNewswire/ -- Molekule, the leader in reinventing air purification, today announced it closed $58 million in Series C funding, led by RPS Ventures with participation from Founder's Circle Capital. Existing investors included Foundry Group, Crosslink Capital, Uncork Capital, and TransLink Capital, along with new participation from Inventec Appliances Corp (IAC). This latest funding round is further validation from the investor community that the air purification industry is due for advancements in science and technology, while the market is poised for growth.
"The air purifier market is one of the fastest-growing markets in the world right now, and there is an incredible need for companies like Molekule to bring innovation to the space," said Samantha Wang, Founding General Partner at RPS Ventures. "Between its innovative and scientifically-proven technology, impressive leadership team and track record for delivering breakthrough scientific innovation, Molekule's PECO technology provides clean air to the world in a way that HEPA technology has yet to accomplish. We look forward to leveraging RPS' deep relationships globally to support the company's growth and usher in a new era of clean air across the world."
An advancing industrial sector, a heating climate, and a growing population have all contributed to the deterioration of air quality in developing and developed countries alike, with the United Nations saying that air quality is the most important environmental health risk of our time. With little innovation in the space since the invention of the HEPA filter, Molekule has harnessed breakthrough scientific innovation to revolutionize the air purification industry, bringing clean air to the masses.
"Over the years, air quality has become a worsening issue," said Dilip Goswami, Co-Founder of Molekule. "This financing will enable us to continue to innovate our technology to revolutionize air quality in a way the industry has yet to see from other players in the space. We're excited to continue to scale the technology and deliver innovation of this nature to the masses."
Molekule's latest funding comes shortly after the highly anticipated product launch of Molekule Air Mini, which leverages the same breakthrough patented air purification technology, PECO, as its Molekule Air device. PECO is a revolutionary advancement to the HEPA industry air filter and can destroy pollutants 1000 times smaller than what HEPA was designed to capture. This includes destroying potentially hazardous, nanometer-sized pollutants people can breathe every day, including VOCs, mold, viruses and bacteria.
Molekule's patented PECO technology has been tested and validated in multiple third-party laboratory studies. Most recently, Lawrence Berkeley National Laboratory's (Berkeley Lab) Indoor Environment Group found that the Molekule Air purifier eliminates common volatile organic chemicals (VOCs), including formaldehyde, limonene, and toluene, as well as ozone, a pollutant highly regulated by the EPA. Aerosol Research And Engineering (ARE) Laboratories also found that Molekule's PECO technology was able to reduce the concentrations of bacteria, viruses, mold, and endospores in the tested air by more than 99.99%. And most recently, Nationally Recognized Testing Laboratory, Intertek, found that Molekule's PECO technology was able to reduce 95% of particulate matter .3 microns in size and larger, all signaling PECO's ability to both capture and destroy pollutants.
Molekule is on a mission to provide clean indoor air to everyone, everywhere. Based on more than 20 years of research and development, our patented photo electrochemical oxidation (PECO) technology destroys a whole range of tiny pollutants, including VOCs, mold, bacteria, viruses and allergens. Using science to revolutionize air purification in ways that the industry hasn't seen, PECO sits at the crux of Molekule's air purification technology and has been rigorously validated by third-party laboratories and continual internal testing. We believe air pollution is one of the greatest challenges of our time, as it has been attributed to seven million premature deaths a year, according to the World Health Organization. This is why we are dedicated to the fight for clean air and are actively working with scientists, doctors, sufferers, and policy-makers to offer a fundamentally different approach to air purification. For more information, visit https://molekule.com.
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