RYE BROOK, N.Y.--(BUSINESS WIRE)--Global water technology company, Xylem (NYSE:XYL), has announced Limited Partner (LP) investments in venture capital funds Burnt Island Ventures and The Westly Group’s Funds III and IV, supporting the development of innovative water and industrial technologies. The combined $20 million investment across both funds forms a key part of Xylem’s external innovation program, Xylem Innovation Labs. These investments bolster Xylem Innovation Labs’ open innovation network and its commitment to bringing the most important water technology innovations to market at speed and scale.
Xylem’s position in Burnt Island Ventures, focused on supporting early-stage water innovation, is complemented by The Westly Group’s emphasis on energy, industry 4.0, and cybersecurity. Together, Xylem will have a global view and early visibility of technologies across the water value chain, including digital solutions, that are on the path to technological and commercial success.
David Flinton, Chief Innovation, Technology and Products Officer at Xylem, said, “A key element of Xylem’s innovation ecosystem is investing in early-stage technology, whether developed in-house, or by promising external entrepreneurs and innovators. Our team, Xylem Innovation Labs, is working closely with our colleagues at Burnt Island Ventures and The Westly Group to nurture and scale disruptive ideas in the water industry. As a leader in developing break-through water tech innovations, we know that collaborating with a broad network of partners, including venture capital firms and start-ups, is crucial to the future of optimizing water management.”
Tom Ferguson, Founder and Managing Partner, Burnt Island Ventures, and former VP of Imagine H2O, the leading water innovation accelerator and ecosystem for water entrepreneurs, said “It's been an absolute pleasure working with the Xylem team over the years, and they’re an essential partner as we build the seed fund of choice for water entrepreneurs, globally. Their investment, via Xylem Innovation Labs, is a reflection of how seriously the company takes the work of supporting the new frontier of water technology.”
Steve Westly, Founder and Managing Partner of The Westly Group said, “There is a global revolution and convergence of energy, water, buildings and IoT, unlocking strong opportunities for investment. We’re proud to partner with Xylem to identify new technologies to better serve the world’s water needs.”
Xylem Innovation Labs identifies and leverages the next generation of technologies and trends in support of Xylem’s mission to create a water-secure world. With a global presence, the program supports start-ups by fast-tracking technology development and leveraging Xylem’s resources to accelerate new innovations to market.
Xylem (XYL) is a leading global water technology company committed to solving critical water and infrastructure challenges with innovation. Our 17,000 diverse employees delivered revenue of $5.2 billion in 2021. We are creating a more sustainable world by enabling our customers to optimize water and resource management, and helping communities in more than 150 countries become water-secure. Join us at www.xylem.com.
About Burnt Island Ventures
Burnt Island Ventures was founded in 2020 to become the pre-eminent early stage venture fund for water entrepreneurs, filling a gap in the $900 billion industry's funding structure. The team has exceptional water expertise, comprising founders, investors, and senior technical and commercial water executives. Managing Partner Tom Ferguson ran Imagine H2O's Accelerator, the industry’s #1 founder program, for over 5 years. Burnt Island Ventures closed its first $30m fund in February 2022, and is already invested in 15 companies active in zero liquid discharge, industrial filtration, municipal and utility efficiency, water access, contaminant destruction, flood prevention, stormwater management control, and infrastructure renewal.
About The Westly Group
The Westly Group is a leading venture capital firm focused on sustainability with industry-leading returns. Founded in 2007, the firm has had nine companies go public including Tesla Motors. The Westly Group's latest $300 million fund invests in startups focused on the digitization and sustainability of energy, mobility, buildings, industrial technology, and cybersecurity.