Genesis Systems, the company that made a splash in Tampa Bay with lofty ambitions, has closed a $10 million seed round.
The company initially sought a $3.5 million round but ballooned to $10.2 million after investor interest continued to rise.
"For a seed [round], we thought it was modest, but the interest kept coming and coming," CEO David Stuckenberg said in an interview with Tampa Bay Inno. "We're in a race against conditions; people are in tremendous need, and every day we wait is a day they struggle. That's the motivator every day."
The company moved from Kansas City to Tampa in September. It states it can take the condensation from the air and create clean drinking water with the help of its mainstay product WaterCube.
The latest funding round was led by Paresh Ghelani, a venture capitalist and co-founder of X-PRIZE India and the X-PRIZE Water Abundance Prize.
"My partnership with Genesis is personal because as a child growing up without safe water, I know the importance of clean water," Ghelani said in a statement. "It's commendable to see the rapid technological progress Genesis has made ... This tech is something humanity must have for sustainable water supplies."
Southland Holdings, the owner of American Bridge Co., also participated in the round, along with the owners of Texas-based 1911 Ventures. Jordan Noone, co-founder of Embed Ventures, Ned Allen, former chief scientist at Lockheed Martin, Ambassador R. James Woolsey and former NFL player Chad Hennings also participated.
"What this shows is there is an appetite to accelerate away from the problem, toward the solution," Stuckenberg said. "And people are putting in the capital investment to do that. This is a company that is leading the way in the sustainability technology arena."
It will use the latest infusion of cash for international expansion, finalize the development of its product and services and hire commercialization staff. The team is less than 20 but plans to hire "at every sector" at a rapid pace.
It is also expecting to break ground on a headquarters near MacDill Air Force base this quarter and launch a new product this year.
While Stuckenberg previously told Inno the company would be seeking a $200 million Series A, the number is undecided and will be based on investor discussions. Those discussions have already kicked off, and the company expects to close its Series A by Q2 or Q3 this year.
"We have a big issue on our hands, and time is of the essence," said Shannon Stuckenberg, CEO of Genesis Systems. "And we have the market pull — we literally have investors knocking on our door."
