By Chris Bavender
Zionsville-based 120WaterAudit landed $7 million in growth capital funding. The Series A fundraising process began in February and closed Sept. 13.
“We wanted to raise between $5 million and $7 million. Based on the interest we received early on, we felt confident we would be able to achieve the $7 million mark,” said Megan Glover, 120WaterAudit CEO. “If anything, we were pleasantly surprised at the interest from so many firms.”
Indianapolis-based HG Ventures, the corporate arm of The Heritage Group, led the Series A funding round. Alios Ventures and Greenhouse Captial also participated.
The funding will be used to enhance the company’s digital water cloud platform.
“The water sector as a whole is facing massive challenges. Adopting more digital technologies within the sector can be a part of the solution to overcome some of these critical challenges around water quality, quantity and infrastructure,” said Glover, who launched the company with two partners in 2016. “Through the use of our Series A, 120WaterAudit intends to expand our capabilities within our digital water cloud to provide more solutions to customers.”
In addition to expanding its depth within the industry, 120WaterAudit also will use the funding to grow the company in Indiana and add jobs, including software engineers, customer service representatives, program managers and sales representatives.
“Lead is but one water-quality issue our customers and certain regions are facing. Every region is struggling with their own water-quality concerns and needs,” Glover said. “We can apply our platform into other existing and emerging programs expanding beyond lead to help make our customers’ jobs easier.”
120WaterAudit received national and international interest in the round.
“We could not be more excited to have found this partnership so close to home,” Glover said. “Each of our new investors bring immense expertise to the company that we look forward to applying to the business that will ultimately help our water sector protect public health. It’s a vision and journey we look forward to working with them on.”