Molekule Announces $25 Million in Series B Funding to Tackle the Global Air Pollution Crisis
SAN FRANCISCO, Nov. 1, 2018 /PRNewswire/ -- Molekule, a science and clean technology company with patented air purification technology, announced today it has closed a $25 million Series B funding round. Led by Foundry Group with participation from existing investors Crosslink Capital Uncork Capital, and TransLink Capital. Molekule plans to use the financing to expand its product line, scale manufacturing and grow the team. Molekule aims to help millions of people around the world breathe clean air.
Air pollution is a pervasive problem that impacts everyone. Research has found that dirty air can degrade our brains, become a driver of dementia and exacerbate the effects of asthma and allergies. In particular, indoor air quality is an issue that has been largely overlooked, yet it impacts nearly every aspect of our wellbeing. According to the EPA, levels of indoor air pollutants can be two to five times higher than the outdoors due to things like dust, mold, chemicals, and allergens building up indoors.
Developed by renowned renewable energy scientist, Dr. Yogi Goswami, Molekule's patented technology, Photo Electrochemical Oxidation (PECO), completely destroys pollutants on a molecular level. This is a critical distinction from the industry standard filters -- such as HEPA filters that have seen little evolution since they were developed in the 1940's -- that merely try to trap some pollutants on the surface of the filter where they continue to survive and can escape the filter altogether. Molekule's groundbreaking technology actually breaks down pollutants like bacteria, mold, toxic gasses (VOCs), dust, smoke, and other airborne allergens -- including pollutants like VOCs, 1000 times smaller than what a traditional HEPA filter can catch.
"Molekule has a massive opportunity to bring relief to millions of people suffering from respiratory issues like asthma and allergies as well as people who just want to live a healthier lifestyle," said Chris Moody, Partner at Foundry Group. "I've experienced the benefits of Molekule's innovative technology firsthand, and am thrilled to partner with its team to set a new standard and revolutionize an outdated industry."
Founded in 2014, Molekule is an innovation company that's deeply rooted in science. The company conducts rigorous product testing and invests in ongoing research and development. Molekule has produced several white papers and performed extensive tests with accredited third-party laboratories. This includes recent room-size testing Molekule did with a nationally recognized testing laboratory, Intertek, to show how its device destroys carcinogens in the air like formaldehyde. Molekule also recently published an allergy beta study, which tracked nasal and eye symptoms in the Journal of Allergy and Rhinology. This falls in line with the company's mission to continually test and innovate to bring cutting-edge science into people's homes.
"My father first created our PECO technology to help relieve my chronic asthma symptoms, so I've seen firsthand just how powerful this technology can be," said Dilip Goswami, CEO of Molekule. "Dirty air is a health crisis that's largely unknown or ignored, unless or until someone has a respiratory ailment or there's a massive fire or flood. But every day people are breathing air pollutants in their homes and offices, and our home air purifier helps them finally breathe with relief."
Since launching its flagship product in May 2016, Molekule now has 80 employees, expanded international sales to Canada, has sold out seven times, and has hit at least seven figures in revenue every month. Molekule was also named one of TIME Magazine's 25 Best Inventions of 2017 and received an honorable mention in Fast Company's 2018 Innovation By Design Awards.
To learn more about Molekule, visit https://molekule.com/
About Molekule:
Molekule is a science and clean technology company whose goal is the elimination of indoor air pollution for everyone, everywhere. Molekule created the world's first molecular air purifier, capable of destroying all indoor air pollutants and eliminating the symptoms they cause. The company currently ships to the contiguous United States, Alaska, Hawaii, Puerto Rico, the U.S. Virgin Islands and Canada. Founded in 2014, Molekule is headquartered in San Francisco. For more information, visit: https://molekule.com.
Media contact: Evy Roy, 415-299-6600, molekule@inkhouse.com
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SOURCE Molekule
