Gurugram-based watertech startup Boon has successfully raised $5 million in its Series A funding round, marking a significant milestone in its growth trajectory. Led by Roca Group Ventures from Spain, this investment includes a blend of equity and debt financing, representing Roca Group Ventures’ inaugural institutional foray into India. Notably, Roca Group also acquired Parryware in India back in 2008.
Boon, formerly known as Swajal, had previously raised $1.6 million in funding in February 2021. This latest infusion of capital will primarily be channelled towards scaling up its AI-driven WaterIo platform. According to a press release from Boon, the funds will support advancements in predictive filter maintenance and enhance the efficiency and reliability of its water purification systems.
Founded in 2015 by Vibha Tripathy and Advait Kumar, Boon specializes in sustainable water solutions leveraging patented AI technologies. Its platform monitors water quality and filter health in real-time, aiming to replace plastic-packaged water with more sustainable alternatives that are also cost-effective.
Boon’s WaterIo product allows purifiers to monitor the quality of each drop of water, adjusting parameters through an app-based interface. The company serves a diverse clientele including offices, hospitals, universities, airports, and train stations, promoting sustainable hydration solutions. It has also introduced community-centric initiatives like WaterATM, aimed at providing clean water access, and sustainable glass water solutions tailored for the hospitality sector.
The startup has garnered support from several governmental and international bodies, including the Department of Science and Technology (Government of India), Rajasthan State Government, SIDBI, UNDP, and REEEP.
In a competitive landscape that includes players like Uravu Labs, Aquasense, Oceo Water, and DrinkPrime, Boon stands out for its innovative approach to combining technology with environmental sustainability in the water purification sector. This latest funding round is expected to further strengthen its position and expand its footprint in the market.
