Water technology firm Gradiant hits $1 billion valuation after fundraising

A unicorn is an unlisted firm valued at $1 billion or more.

Boston-based Gradiant’s technology is used across a range of sectors including pharmaceuticals and semiconductors to help companies reduce water usage and clean up wastewater for reuse.

The company said the capital raised in the Series D round, which took its value to $1 billion, would be used to continue its expansion, including into new markets such as the Middle East, as well as research and development.

The company has raised more than $400 million to-date and saw 100% year-on-year revenue growth over the last four years, it said, as shrinking supplies of fresh water amid rising droughts force companies to use supplies more efficiently.

“As global manufacturing and supply chains continue to advance, they demand more and more water resources which are increasingly rare and finite,” John Arnold, Founder of Centaurus Capital, said in a statement.

“We are excited to partner with a company that has truly proven the ability to support these demands in an economic and energy efficient manner.” Founded at the Massachusetts Institute of Technology, Gradiant employs more than 900 people and counts companies including Taiwan Semiconductor Manufacturing Co Ltd, GSK and Rio Tinto among its clients, it said..