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- Gradiant
Gradiant Valuation, Funding & Investors
Gradiant is valued at $1B as of May 2023.
Last Gradiant valuation
$1B
Series D · May 2023
Last Gradiant funding round
Series E
Amount undisclosed · May 2026
Cumulative funding Gradiant raised
$392M
across 7 funding rounds
Key investors in Gradiant
Warburg Pincus
Safar Partners
Hostplus
SLB
Clearvision Ventures
WAVE Equity Partners
About Gradiant
Gradiant is a Boston-headquartered cleantech company developing water treatment solutions for industrial sectors including microelectronics, pharmaceuticals, food and beverage, lithium extraction, and renewable energy. Its Carrier Gas Enhanced Separation technology removes contaminants from wastewater, enabling zero liquid discharge compliance. Deployed in facilities across Asia, Europe, and North America, Gradiant serves clients like Samsung and PepsiCo with modular systems for ultrapure water production and resource recovery.
Founded
2013
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$1B (May 2023)
Gradiant Valuation
Gradiant is currently valued at $1B, based on its Series D in May 2023.
The $225M round was led by BoltRock Holdings and Centaurus Capital LP.
Gradiant valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| May 2023 | Series D | $1B |
Gradiant Funding History
Gradiant has raised a total of $392M across 7 funding rounds.
Gradiant's first fundraising round was a $1M seed round in April 2013. The most recent completed round was a Series E in May 2026.
Gradiant funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2026 | Series E | Hostplus (lead); Safar Partners (lead); Clearvision Ventures | - | - | - |
| May 2023 | Series D | BoltRock Holdings (lead); Centaurus Capital LP (lead) | $225M | $1B | Gradiant, a Boston-based global provider of advanced water and wastewater treatment solutions, raised $225 million in the first close of its Series D financing round on or around May 17, 2023, led by BoltRock Holdings and Centaurus Capital LP. This investment brought the company's total funding to over $400 million and valued it at $1 billion, achieving unicorn status. The capital is earmarked for expansion into strategic markets like the Middle East and Europe, as well as bolstering R&D programs to serve industries such as semiconductors, pharmaceuticals, food & beverage, lithium, critical minerals, and renewable energy. Gradiant designs, builds, and operates end-to-end water treatment systems, focusing on water reduction, reclamation, and resource recovery, including in-house chemical formulations for challenges like PFAS removal, lithium extraction, and green hydrogen production. Clients include major players like Micron Technology, TSMC, Pfizer, GSK, AB InBev, and Coca-Cola. Founded in 2013 at MIT, the company now employs over 900 people internationally and has demonstrated more than 100% top-line revenue growth for four consecutive years prior to the round, though specific revenue or ARR figures are not disclosed in announcements. BoltRock Holdings, a New York City-based family investment office, and Centaurus Capital, the family office of John Arnold focusing on industrials, energy, and renewables, provided patient, long-term capital. Craig Huff of BoltRock and Mark Danchak of General Innovation Capital joined Gradiant's board. This round marks one of the largest venture investments in water tech, highlighting market confidence in Gradiant's technology amid growing industrial water demands. Prior funding included a Series C and extensions totaling around $330 million with investors like Schlumberger New Energy and Warburg Pincus. |
| Dec 2021 | Series C | SLB (lead); Warburg Pincus (lead) | $105M | - | Gradiant is a global end-to-end cleantech water treatment solutions provider and project developer, designing, building, and operating advanced water and wastewater treatment systems for industries including food and beverage, microelectronics, pharmaceuticals, mining, semiconductors, lithium, critical minerals, and renewable energy. The company serves major clients such as Micron, TSMC, GSK, Pfizer, SLB, Rio Tinto, AB InBev, and Coca-Cola, focusing on reducing water usage, reclaiming resources, and renewing wastewater into freshwater. On November 17, 2021, Gradiant announced it raised over $100 million in an oversubscribed Series C funding round, exceeding its $65 million target, led by Warburg Pincus and Schlumberger New Energy (SLB). This brought total funding to over $200 million since inception. The proceeds were allocated for strategic growth opportunities, project-level financing, technology deployment, and opportunistic acquisitions, with expansion targeted in key sectors and geographies like Asia Pacific, the United States, and the Middle East. The company was described as on an exciting growth trajectory with consistent success in delivering differentiated cleantech water solutions. Subsequent developments include a $225 million Series D first close in May 2023 led by BoltRock Holdings and Centaurus Capital, achieving a $1 billion valuation and total funding over $400 million, supporting further global expansion, R&D, and market entry into the Middle East and Europe. By 2024, Gradiant reported over $500 million in new orders for the first half, marking five years of doubling annual sales. |
| Apr 2018 | Undisclosed stage | - | $27M | - | Gradiant, founded in 2013, provides advanced water and wastewater treatment solutions for industries like semiconductors, pharmaceuticals, and food & beverage, serving clients such as TSMC, Pfizer, and Coca-Cola. |
| Jun 2014 | Undisclosed stage | - | $28M | - | Gradiant is a Boston-based company founded in 2013 at MIT, specializing in advanced water and wastewater treatment solutions for industries like semiconductors, pharmaceuticals, food & beverage, lithium, critical minerals, and renewable energy. Its proprietary technologies and digital solutions reduce water usage, reclaim resources, and convert wastewater to freshwater for clients including Micron, TSMC, GSK, Pfizer, SLB, Rio Tinto, AB InBev, and Coca-Cola. The company has demonstrated rapid growth, achieving over 100% year-over-year top-line growth for four consecutive years leading into 2023 and employing over 900 people internationally. Gradiant's June 2014 Series B round raised $28 million with undisclosed lead investors, following seed and Series A rounds of $1.4 million each in April 2013. This funding supported rapid growth and scaling of its water treatment innovations. Subsequent rounds included combined Series C/D/E funding of $330 million from December 2021 to May 2023, led by investors like Schlumberger New Energy, Warburg Pincus, BoltRock Holdings, and Centaurus Capital, bringing total funding to around $400 million. In May 2023, Gradiant closed its first Series D tranche with $225 million, achieving a $1 billion post-money valuation and unicorn status. The capital fueled global expansion into markets like the Middle East and Europe, R&D investment, and business acceleration in high-water-demand sectors. By mid-2024, the company reported over $500 million in new orders for the first half, marking five years of doubling annual sales amid strategic pushes into U.S. and high-tech manufacturing. |
| Jan 2014 | Series A | WAVE Equity Partners | $6M | - | - |
| Apr 2013 | Seed | Cranberry Capital | $1M | - | - |
Who has invested in Gradiant?
9 investors have backed Gradiant across its funding rounds, including Warburg Pincus, Safar Partners, Hostplus, SLB, Clearvision Ventures and WAVE Equity Partners.
Lead investors include Hostplus, Safar Partners, BoltRock Holdings, Centaurus Capital LP, SLB and 1 other investor.
Gradiant Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Jan 2014 | ||
| 1 | Lead | May 2023 | ||
| 1 | Participant | May 2026 | ||
| 1 | Lead | May 2026 | ||
| 1 | Lead | May 2026 | ||
| 1 | Lead | Dec 2021 | ||
| 1 | Participant | Apr 2013 | ||
This data is available for Pro users. Sign up to see all 9 Gradiant investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Gradiant
Gradiant has acquired 7 companies to date.
Last acquisition by Gradiant was on October 2nd 2023. Gradiant acquired H+E Group for undisclosed valuation.
Latest Acquisitions by Gradiant
| Description | H+E Group is a Munich-headquartered engineering company specializing in industrial water treatment, wastewater management, and water recycling systems for chemical, power, and food industries worldwide. The firm designs and builds turnkey plants that process up to 10 million cubic meters of water annually per facility. H+E operates 10 offices globally and has delivered over 1,000 projects across Europe, Asia, and the Americas. | Muscat is a Muscat, Oman-headquartered engineering construction firm delivering infrastructure projects across the Gulf. Specializing in roads, bridges, and water systems, it executes contracts for Oman Ministry of Transport using sustainable materials. The company at mpesllc.com maintains ISO certifications for environmental compliance. | Advanced Watertek LLC is a Dubai-based leader in membrane-based water treatment systems, operating since 1984 with installations in over 50 countries. The company designs and supplies reverse osmosis desalination plants, ultrafiltration systems, and nanofiltration units for seawater, brackish water, and wastewater applications. Its containerized and skid-mounted solutions serve municipalities, oil and gas facilities, hotels, and remote industrial sites, producing up to 10 million gallons per day. Advanced Watertek holds certifications from DNV and provides turnkey projects including pretreatment, energy recovery devices, and post-treatment for potable water production. | WaterPark Environment Corporation is a San Jose-based engineering firm designing water recycling and purification systems for semiconductor and microelectronics manufacturers. It delivers turnkey facilities compliant with ultrapure water standards for fabs operated by TSMC and Intel. WaterPark Environment Corporation installs closed-loop systems reducing consumption by 50 percent since 2005. | |
| HQ Country | |||||
| HQ City | Stuttgart | Muscat | Dubai | Hsinchu | |
| Deal Date | 2 Oct 2023 | 21 Mar 2023 | 8 Feb 2023 | 6 Jul 2022 | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Gradiant acquisitions and their M&A valuation multiples. Start Free Trial | |||||
Investments by Gradiant
Gradiant has invested in 1 company to date.
Latest investment by Gradiant was on July 26th 2023. Gradiant invested in SpaceAge Labs in their $3M Series A round.
Latest Investments by Gradiant
| Description | SpaceAge Labs is a Singapore-headquartered provider of digital solutions for remote industrial asset management. The company deploys IoT sensors, predictive analytics, and augmented reality tools for oil rigs, mines, and power plants in Southeast Asia. |
| HQ Country | |
| HQ City | Singapore |
| Deal Date | 26 Jul 2023 |
| Round | Series A |
| Raised | $3M |
| Investors | - |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Gradiant investments and their VC round multiples. Start Free Trial | |
Gradiant Competitors
Gradiant competitors include listed companies like Canadian Solar and Shoals, and private ones like Palmetto, Climeworks, Koloma and 1Komma5°.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1B | - | ||
| Private | - | - | $1.1B | - | ||
| Private | - | - | $800M | - | ||
| Publicly listed | $5.6B | $546M | $798M | 1.5x | ||
| Publicly listed | $475M | $72M | $1.3B | 2.6x | ||
| Private | $598M | - | $1.4B | - |
Gradiant Public Comps
Gradiant is still privately-owned, but its public comps include GVS, Greencoat Renewables, SP New Energy, XPLR Infrastructure, Jiangsu Zongyi Co, Reliance Power, Banpu Power, Waaree RTL, Metawater and PureCycle.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $489M | $93M | 2.6x | 2.6x | 13.8x | 10.3x | |||
| ($45M) | ($8M) | (51.9x) | 24.4x | (278.9x) | 24.6x | |||
| $25M | ($46M) | 103.1x | - | (55.4x) | - | |||
| $1.2B | $607M | 11.8x | 10.7x | 23.0x | - | |||
| $70M | $41M | 16.0x | - | 27.6x | - | |||
| $751M | $278M | 3.2x | - | 8.6x | - | |||
| - | - | - | - | - | - | |||
| $347M | $66M | 2.5x | 1.9x | 13.3x | 10.8x | |||
This data is available for Pro users. Sign up to see all Gradiant competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Gradiant
| When was Gradiant founded? | Gradiant was founded in 2013. |
| Where is Gradiant headquartered? | Gradiant is headquartered in Boston, MA, United States. |
| Is Gradiant publicly listed? | No, Gradiant is a private, VC-backed company. |
| What is Gradiant's valuation? | Gradiant was last valued at $1B in its Series D in May 2023. |
| How much funding has Gradiant raised? | Gradiant has raised $392M across 7 funding rounds. |
| What was Gradiant's last funding round? | Gradiant's last funding round was a Series E in May 2026, led by Hostplus and Safar Partners. |
| Who are Gradiant's investors? | Gradiant's investors include WAVE Equity Partners, BoltRock Holdings, Clearvision Ventures, Safar Partners, Hostplus, Warburg Pincus, Cranberry Capital, Centaurus Capital LP and SLB. |
| Which companies are comparable to Gradiant? | Companies comparable to Gradiant include Palmetto, Climeworks, Koloma, Canadian Solar, Shoals and 1Komma5°. |
| How many companies has Gradiant acquired? | Gradiant has acquired 7 companies, including H+E Group, Muscat, Advanced Watertek LLC, WaterPark Environment Corporation and Synauta. |
| What was the largest acquisition by Gradiant? | The $8M acquisition of Synauta in May 2022 is the largest acquisition Gradiant has made to date. |
| How many companies has Gradiant invested in? | Gradiant has invested in 1 company, including SpaceAge Labs. |
| What was Gradiant's last investment? | In July 2023, Gradiant invested in SpaceAge Labs' $3M Series A. |
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