Cleantech startup Pi Green Innovations has raised $4.5 Mn in a Series A funding round led by the investment fund of Opus Consulting with participation from strategic investors.
The startup will utilise the freshly-infused capital towards developing and testing, product certification and developing new solutions. It will also allocate resources towards increasing its manufacturing capabilities while building a pan-India sales network.
Founded by Irfan Pathan and Rizwan Shaikh, Pi Green Innovations is a cleantech startup that creates technology-driven solutions for the reduction of particulate matter emissions at source. The startup has a patented filterless technology that converts smoke to its powder form, soot.
Some of the startup’s solutions employing this technology include Carbon Cutter Machines, filterless retrofits for diesel generators and heavy vehicles; RepAi, a filterless ambient air-purification tower that can be installed in public spaces.
According to the startup, its innovation was rated as ‘one of the best technologies globally to reduce air pollution at Smogathon 2018; a hackathon for solutions to polluted cities held in Poland.
“The economic cost of air pollution is about $95 billion. The problem is not only air pollution but also the sustainability of existing solutions. Thus, with our filterless technology, we have a huge opportunity to develop and implement solutions for the reduction of particulate matter (PM) emissions on a sustainable basis,” said Irfan Pathan, co-founder and CEO of Pi Green.
According to the International Energy Agency (IEA), the size of the global market for cleantech is expected to surpass the value of the oil market, increasing from $122 Bn to $870 Bn by 2030.
“Advances in emission norms are absolutely essential, however, pollution from existing equipment is a big challenge to address. Our team has developed products for in-use Diesel Gensets, heavy-duty vehicles, bio-waste incinerators, and coal-fired small industrial boilers. We are also making a foray into cleaning ambient air through these unique solutions,” said Umesh Sawant, CTO of Pi Green.
“All of this is achieved through technology that does not use any kind of filters and hence further reduces running cost, performance penalty, and landfill issues,” he added.
Earlier today, Mumbai-based cleantech startup Atomberg Technologies announced $20 Mn in a funding series led by Jungle Ventures with participation from Inflexor Ventures and existing investors including A91 Partners and noted angel investor Ramakant Sharma, cofounder of Livspace.