Xylem invests $20 mn to support support early-stage water tech developments
Global water technology major Xylem has said that it has invested $20 million for development of innovative water and industrial technologies through investments in two venture capital funds.
New York Stock Exchange-listed Xylem announced limited partner (LP) investments in venture capital funds Burnt Island Ventures and The Westly Group’s Funds III and IV. The combined $20 million investment across both funds forms a key part of Xylem’s external innovation programme, Xylem Innovation Labs.
These investments bolster Xylem Innovation Labs’ open innovation network and its commitment to bringing the most important water technology innovations to market at speed and scale, the company said in a statement.
“A key element of Xylem’s innovation ecosystem is investing in early-stage technology, whether developed in-house, or by promising external entrepreneurs and innovators. Our team, Xylem Innovation Labs, is working closely with our colleagues at Burnt Island Ventures and The Westly Group to nurture and scale disruptive ideas in the water industry. As a leader in developing break-through water tech innovations, we know that collaborating with a broad network of partners, including venture capital firms and start-ups, is crucial to the future of optimizing water management”, said Xylem’s Chief Innovation, Technology and Products Officer David Flinton.
Xylem’s position in Burnt Island Ventures, focused on supporting early-stage water innovation, is complemented by The Westly Group’s emphasis on energy, industry 4.0, and cybersecurity. Together, Xylem will have a global view and early visibility of technologies across the water value chain, including digital solutions, that are on the path to technological and commercial success, the statement said.
“There is a global revolution and convergence of energy, water, buildings and IoT, unlocking strong opportunities for investment. We’re proud to partner with Xylem to identify new technologies to better serve the world’s water needs”, said The Westly Group Founder and Managing Partner Steve Westly.
Xylem Innovation Labs identifies and leverages the next generation of technologies and trends in support of Xylem’s mission to create a water-secure world. With a global presence, the programme supports start-ups by fast-tracking technology development and leveraging Xylem’s resources to accelerate new innovations to market.
