Japanese multinational Asahi Kasei Corp. is the lead investor in an $8 million Series B financing closed by Axine Water Technologies this week. Existing investors Chrysalix Energy Venture Capital, BDC Energy Venture Capital, and Roda Group also participated.

"As a global materials science and chemical company with deep technical expertise in a wide variety of technologies, manufacturing, and markets, Asahi Kasei was exactly what we were looking for in a Series B lead investor," said Jonathan Rhone, CEO at Axine. "The team at Asahi Kasei will be of tremendous help as we scale-up commercial deployment, develop new applications, and expand our customer base."

Takashi Morishita, GM of corporate venture capital at Asahi Kasei, noted that Axine’s technology, business model, marketing positioning and management team “has the potential to disrupt the industrial wastewater market worldwide.”