Bangalore: Green technology start-up Carbon Clean Solutions is planning to raises $10 million in second round of funding by the end of May. The firm will utilize the fund on an expansion drive and for hiring talent.
As per the report, the company already got the commitment of $1 Million from existing angel investors Raj Palaniswamy and Blume Ventures while $5 million will be raised from external institutions. The company is expected to raise an additional $4 million to complete the second round of funding in about eight weeks, which will take the total capital raised to $10 million. However, the names of the new investors remain undisclosed.
Founded in 2009 by two IITs – Aniruddha Sharma and Prateek, the city-based Carbon Clean Solutions aims to enlarge new solvents for carbon dioxide separation with a focus on flue gases from power and industrial utilities. The startup has invented a carbon capture technology which helps smaller companies deal with emissions at half the cost. The success of the company is not limited to this, but has set up offices in U.S. and UK and has its plants spread across Tirupati in India, Germany, Rotterdam in the Netherlands and Sheffield in England.
Started as a classroom project, Carbon Clean Solutions gained attention of investors since 2010. The company earlier raised equity funding from global set of investors to establish dedicated research and bench scale testing facility in 2010. Also, Carbon Clean has raised Rs.33 crore from the United Kingdom’s Department of Energy and Climate Change in 2012 while another Rs.5 crore from angels including Suresh Prabhala and Raj Palaniswamy.