MIT spinout Infinite Cooling has raised $12.3m in a series A round led by Material Impact.

Infinite Cooling, a US-based developer of sustainable industrial cooling technology based on research at Massachusetts Institute of Technology, closed a $12.3m series A round led by venture capital firm Material Impact yesterday.

Infinite Cooling recovers water from cooling tower exhausts in power plants, data centres and manufacturing facilities.

In the US alone, nearly two trillion gallons of freshwater are used in cooling towers annually, accounting for some 85% of residential water consumption, according to the company.

The funding has been allocated to accelerating company growth, deploying its technology across large-scale facilities and signing up more clients.

Maher Damak, co-founder and chief executive of Infinite Cooling, said: “We are ecstatic to continue working with the Material Impact team who shares our vision of sustainable and efficient industrial processes.

“Together, we have ambitious goals of scaling up our technology and having a profound impact on global water access and availability.”

Material Impact previously led a $4m seed round for Infinite Cooling in November 2019.