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

Gradiant Overview

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

United StatesBoston, MA

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

Gradiant valuation by funding round
DateStageValuation
May 2023Series 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

Gradiant funding rounds
DateStageInvestorsRaisedValuationDeal Summary
May 2026Series EHostplus (lead); Safar Partners (lead); Clearvision Ventures---
May 2023Series DBoltRock Holdings (lead); Centaurus Capital LP (lead)$225M$1BGradiant, 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 2021Series CSLB (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 2018Undisclosed 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 2014Undisclosed 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 2014Series AWAVE Equity Partners$6M--
Apr 2013SeedCranberry 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

Investors in Gradiant by funding rounds participated
InvestorHQRoundsRoleFirst check
WAVE Equity PartnersUnited StatesBoston, MA1ParticipantJan 2014
BoltRock HoldingsUnited StatesNew York City, NY1LeadMay 2023
Clearvision VenturesUnited StatesSan Francisco, CA1ParticipantMay 2026
Safar PartnersUnited StatesUnited States1LeadMay 2026
HostplusAustraliaMelbourne1LeadMay 2026
Warburg PincusUnited StatesNew York City, NY1LeadDec 2021
Cranberry CapitalUnited StatesRochester, NY1ParticipantApr 2013

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Acquisitions 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

H+E Group
Muscat
Advanced Watertek LLC
WaterPark Environment Corporation
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 CountryGermanyOmanUnited Arab EmiratesTaiwan
HQ City
Stuttgart
Muscat
Dubai
Hsinchu
Deal Date2 Oct 202321 Mar 20238 Feb 20236 Jul 2022
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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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

SpaceAge Labs
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 CountrySingapore
HQ City
Singapore
Deal Date26 Jul 2023
RoundSeries A
Raised$3M
Investors-
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Gradiant Competitors

Gradiant competitors include listed companies like Canadian Solar and Shoals, and private ones like Palmetto, Climeworks, Koloma and 1Komma5°.

Public and private companies comparable to Gradiant
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
PalmettoUnited StatesCharleston, SCPrivate--$1B-
ClimeworksSwitzerlandZurichPrivate--$1.1B-
KolomaUnited StatesDenver, COPrivate--$800M-
Canadian SolarUnited StatesUnited StatesPublicly listed$5.6B$546M$798M1.5x
ShoalsUnited StatesUnited StatesPublicly listed$475M$72M$1.3B2.6x
1Komma5°GermanyGermanyPrivate$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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
GVS$489M$93M2.6x2.6x13.8x10.3x
Greencoat Renewables($45M)($8M)(51.9x)24.4x(278.9x)24.6x
SP New Energy$25M($46M)103.1x-(55.4x)-
XPLR Infrastructure$1.2B$607M11.8x10.7x23.0x-
Jiangsu Zongyi Co$70M$41M16.0x-27.6x-
Reliance Power$751M$278M3.2x-8.6x-
Banpu Power------
Waaree RTL$347M$66M2.5x1.9x13.3x10.8x

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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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