David Stuckenberg is not the first entrepreneur to say he founded his company to change the world. But he says he is the first to create water out of thin air.
Stuckenberg, the COO and co-founder of Genesis Systems, launched its mainstay product, WaterCube, at the Port of Tampa Bay on Tuesday. The former Kansas City startup consolidated its operations and moved to Tampa in February, with Stuckenberg pointing to the high quality of talent across the board as a driving force, along with the weather and tax benefits.
The system takes the condensation from the air and, with the help of technology, creates new, clean drinking water with it, he said. A tube is used to suck up the outside air and, when combined with a hydroscopic solution chosen with the help of artificial intelligence, will pull the condensation out of the air, according to company CTO Erick Went. That condensation will become clean drinking water and can be used in hurricane relief scenarios, military operations and developing countries.
"Water is at the center of so many industries — so we're looking at innovating in food, carbon-capturing space," Went said during the presentation. "Those are some audacious goals, right? How are we so sure we can do it? We have met every goal we have set and are on pace to exceed them."
The company has raised roughly $10 million in seed funding, Stuckenberg told Tampa Bay Inno, and he expects to eventually raise a $200 million Series A.
"We need to scale fast; we're in a race against conditions," he said. "There are 21 countries that need the technology immediately to stabilize their economies. This makes their water source reliable and can do it at a very low cost."
With that $200 million investment, it would push the company to the coveted $1 billion valuation, he said.
"It's because of the size of the market we can serve," he said. "No. 1, we don't have a competitor, and there is no other technology that make water while carbon capturing; we have it locked up. And No. 2, the market is so tremendous, we imagine our product will be part of literally every supply chain because you can't make anything without water."
But Genesis Systems, while founded four years ago, is relatively new. It just launched the WaterCube 5.0, which is a portable system that organizations can buy for "hundreds of thousands of dollars," according to Genesis engineers. The Port of San Antonio is the company's first customer; it expects to launch the WaterCube in early 2022.
There's also a product that allows the water system to be used and built into an entire operation. Two of the $100 million systems are allegedly being built in Botswana and Curacao, Stuckenberg said. The plants are building the systems, and they are available for pre-order.
The Tampa Bay Economic Development Council and Tampa Mayor Jane Castor have thrown their weight behind the company, calling it a win for the region.
"I am so very excited about a project so near and dear to my heart," Castor said at the Tuesday event. "I'm sure Craig Richard [president and CEO of the Tampa EDC] is very excited. Because to have WaterCube choose Tampa as its home is beyond exciting; this has the potential to be a multibillion-dollar company, and they're on the edge of solving the water problem."
Genesis employs 20 people locally, with plans to grow to 125 in the next five years.
"Genesis may stumble and fall — this journey will be anything but perfect," Stuckenberg said. "We’re in uncharted waters, no pun intended. But failure is not an option, and I mean that. With your help, and this team, and a new understanding of how to do it, we will see these efforts through."
