{"data":{"type":"company_profile_ai","id":210985,"entity_id":"wefunder:company:210985","attributes":{"canonical_url":"https://wefunder.com/aquagga.kingscrowd","retrieval_urls":{"canonical":"https://wefunder.com/aquagga.kingscrowd","json":"https://wefunder.com/aquagga.kingscrowd.json","markdown":"https://wefunder.com/aquagga.kingscrowd.md","ai_json":"https://wefunder.com/aquagga.kingscrowd.ai.json","ai_text":"https://wefunder.com/aquagga.kingscrowd.ai.txt","changelog_json":"https://wefunder.com/aquagga.kingscrowd.changelog.json","schema":"https://wefunder.com/.well-known/ai-profile-schema.json"},"updated_at":"2026-07-15T03:54:01Z","generated_at":"2026-07-15T05:42:00Z","profile_visibility":{"owner_published":true,"public_search_results":true,"site_search_listed":true,"privacy_mode":"promote","invite_only":false},"company":{"id":210985,"entity_id":"wefunder:company:210985","slug":"aquagga.kingscrowd","name":"Aquagga","tagline":"Destroys toxic forever chemicals in water with mobile units","website":"https://www.aquagga.com","total_amount_raised":21250,"total_investors":8,"is_funded":false,"is_active":true},"key_claims":[{"claim_id":"claim-total-raised","text":"Total raised on Wefunder: 21250","citation":"https://wefunder.com/aquagga.kingscrowd#claim-total-raised","provenance":{"source":"FrontCompanySummary#amount_raised","last_verified_at":"2026-07-15T03:54:01Z","as_of":"2026-07-15T05:42:00Z","confidence":"high"},"observed_at":"2026-07-15T03:54:01Z","expires_at":"2026-07-16T03:54:01Z"},{"claim_id":"claim-total-investors","text":"Total investors: 8","citation":"https://wefunder.com/aquagga.kingscrowd#claim-total-investors","provenance":{"source":"FrontCompanySummary#number_of_investors","last_verified_at":"2026-07-15T03:54:01Z","as_of":"2026-07-15T05:42:00Z","confidence":"high"},"observed_at":"2026-07-15T03:54:01Z","expires_at":"2026-07-16T03:54:01Z"}],"verified_facts":[{"claim_id":"claim-total-raised","text":"Total raised on Wefunder: 21250","citation":"https://wefunder.com/aquagga.kingscrowd#claim-total-raised","provenance":{"source":"FrontCompanySummary#amount_raised","last_verified_at":"2026-07-15T03:54:01Z","as_of":"2026-07-15T05:42:00Z","confidence":"high"},"observed_at":"2026-07-15T03:54:01Z","expires_at":"2026-07-16T03:54:01Z"},{"claim_id":"claim-total-investors","text":"Total investors: 8","citation":"https://wefunder.com/aquagga.kingscrowd#claim-total-investors","provenance":{"source":"FrontCompanySummary#number_of_investors","last_verified_at":"2026-07-15T03:54:01Z","as_of":"2026-07-15T05:42:00Z","confidence":"high"},"observed_at":"2026-07-15T03:54:01Z","expires_at":"2026-07-16T03:54:01Z"}],"company_claims":{"tagline":"Destroys toxic forever chemicals in water with mobile units","story":"When Kingscrowd Capital invested in Aquagga in 2023, we were making a bet. A bet that the company had the best PFAS destruction technology in the market. A bet that regulations would eventually force companies to destroy PFAS instead of simply disposing of them. And, like every deep-tech investment, a bet that the company could make it through the long road to commercialization.Three years after its Top Deal designation, much of that thesis has played out. Aquagga has signed its first commercial customers, built a $50 million pipeline, and is preparing to deploy its first commercial systems. Kingscrowd Capital already reinvested $50,000 in this bridge round, a SAFE at $20 million valuation cap and 20% discount. We want to give you the opportunity to invest alongside us before the upcoming Series A.Why Aquagga ExistsPFAS, often referred to as \"forever chemicals,\" are used in thousands of industrial and consumer products because of their resistance to heat, water, and chemicals. The downside is that they barely degrade in the environment and have been linked to cancer, pregnancy complications, weakened immune systems, hormonal disruption, and several other health concerns.The industry has known how to remove PFAS from water for years. Technologies such as activated carbon, ion exchange, and reverse osmosis are already widely used. The problem is that these technologies don't eliminate PFAS. They simply concentrate the chemicals into filters, sludge, or brine that still need to be transported, stored, or destroyed. As more PFAS are removed from water systems, more contaminated waste is created.For years, many organizations simply shipped that waste to specialized landfills or incineration facilities. That solution is becoming much less attractive. Disposal costs continue to rise, regulations are becoming stricter, and companies responsible for PFAS contamination are increasingly exposed to long-term environmental liability. In other words, permanently destroying PFAS is no longer just an environmental decision. It is becoming a financial one.Aquagga addresses that next step. Its HALT technology permanently destroys PFAS instead of transferring the problem somewhere else. Aquagga’s technology is the best on the market, according to the EPA. It allows customers to eliminate contaminated waste rather than continue paying to transport, store, or dispose of it. According to the company, HALT can reduce treatment costs by as much as 10x compared to traditional ship-and-dispose solutions. [Aquagga holds an exclusive license to HALT from the Colorado School of Mine and only pays a low royalty of 3.33% or revenue.]Regulation is accelerating that shift. In April 2024, the EPA finalized drinking water standards for six PFAS compounds, requiring thousands of public water systems to remove them from drinking water. Additionally, PFOA and PFOS were designated as hazardous substances under CERCLA, making companies financially responsible for investigating and cleaning up contamination.I like this business because it doesn't rely on customers doing the right thing for the environment. It helps them solve a regulatory problem while lowering costs. As regulations become stricter and disposal becomes more expensive, the economic case for permanently destroying PFAS should only become stronger.What Has Changed Since We Invested?When we invested in 2023, Aquagga was still largely focused on paid pilots. I visited the company's facility in Tacoma, WA in 2025 and was able to see one of those pilots firsthand. At the time, the objective was clear: prove the technology, build customer confidence, and convert those demonstrations into commercial contracts.The company has made meaningful progress since then. Revenue has grown from $2.3 million in 2023 to $3.4 million in 2024 and $4.3 million in 2025. Aquagga expects to generate considerable revenues in 2026, driven by the transition from pilots to commercial deployments. The company expects $9.1 million in 2027, $17.1 million in 2028, and breakeven in 2029 at $30.7 million. Even more encouraging, most of that growth comes from customers who signed contracts.Indeed, 3M selected HALT after evaluating it against multiple competing PFAS destruction technologies during a successful pilot. Aquagga's first commercial unit will be installed at a 3M facility on August 10th, 2026, with the potential to expand across several additional manufacturing sites.The company also secured a three-year contract with the State of Colorado to destroy legacy firefighting foam containing PFAS. Aquagga is one of two PFAS-destruction companies to win such a contract. Government agencies across the United States and Europe are facing the same challenge, making this an important reference project.Internationally, Suez selected HALT as its exclusive PFAS destruction technology after evaluating competing solutions. The partnership gives Aquagga access to European customers while providing Suez with a differentiated technology to offer its own clients. Suez is buying Aquagga’s largest commercial unit, Stampede, for $900,000, to serve as a demo for its clients.Beyond those contracts, Aquagga has built a commercial pipeline worth $52.7 million, signed a master services agreement with a top-five U.S. semiconductor manufacturer, and continues to expand its presence across industrial, pharmaceutical, semiconductor, and waste management markets. Aquagg’s leads are 60% inbound, demonstrating strong customer interest.For a company that was still running pilots only a few years ago, that level of commercial traction is significant.Why We Are Investing AgainCommercial traction alone doesn't make a good investment. Valuation matters just as much.Aquagga is raising a $700,000 SAFE at a $20 million valuation cap with a 20% discount. Kingscrowd already wired $50,000 and only $75,000 are left in the SAFE. The company expects to close a Series A in the second half of 2026 at a higher valuation, making this round a bridge to several important commercial milestones, including the first 3M deployment, the Colorado program, and the first European projects with Suez.At today's valuation, Aquagga trades at 4.6x 2025 revenue. I find that multiple attractive for a company that has already validated its technology and is only now entering commercialization. The PFAS destruction market is already estimated at roughly $3 billion, and I expect that market to continue growing as regulations become stricter and more industries begin looking for permanent destruction solutions.What's also interesting is how little dilution the company has needed to reach this point. Aquagga has generated more than $16 million through revenue and grants while raising less than $2 million in dilutive capital. That's unusual for a deep-tech company. Paid pilots, government contracts, and non-dilutive funding allowed management to keep building the business without relying heavily on equity financing.The next phase of growth should remain relatively capital efficient. Manufacturing will be outsourced to qualified partners instead of being built in-house, reducing capital requirements while preserving margins. Management also expects future deployments to increasingly rely on project finance and equipment leasing rather than equity, limiting future dilution if execution continues as planned.The Team Is Also Better Positioned TodayAquagga made a major strategic change since our initial investment. Nigel Sharp stepped down as CEO in 2024 and transitioned into an advisory role after leading Aquagga through its technology development phase. I had the opportunity to sit down with Nigel, and what stood out to me was his willingness to recognize that the company's next stage required a different type of leader. That's not an easy decision for any founder, but it's often the right one.Aquagga is no longer trying to prove its science. It is building a commercial business.Dhileep Sivam was brought in to lead that next chapter. Before joining Aquagga, he held leadership roles at Gates Ventures and Breakthrough Energy, where he worked closely with climate technologies moving from development into commercialization. His background, network, and experience are well aligned with what Aquagga needs over the next several years.The timing of that transition also makes sense. The company is entering the stage where execution, partnerships, and commercial scaling matter as much as the technology itself.Aquagga's team. Dhileep Sivam is on the top left.What Could Go Wrong?Aquagga has made significant progress over the past three years, but this is still a deep-tech company entering commercialization. The technology has been largely validated. The biggest risks from here are commercial rather than technical.The first risk is execution. Aquagga has signed important customers, but the next step is delivering those projects successfully and turning them into repeat business. The first commercial deployments with 3M, Colorado, Suez, and other customers will be closely watched. If installations take longer than expected, customers delay purchasing decisions, or projects fail to convert into broader rollouts, revenue growth could fall short of expectations.The second risk is capital. Although Aquagga has been remarkably capital efficient, commercialization still requires working capital. Management expects to rely increasingly on project finance, equipment leasing, and non-dilutive capital, which should help limit future dilution. Even so, additional equity raises are likely before the business reaches profitability. The important question is whether those future rounds create enough value to justify the dilution.Competition is another area worth monitoring. Several companies are developing PFAS destruction technologies, including supercritical water oxidation and electrochemical oxidation platforms. Aquagga has consistently won competitive evaluations so far, but the market is still young. Competitors will continue improving their technologies, lowering costs, and raising capital. Maintaining a technological advantage will require continued execution.Finally, Aquagga operates in a market heavily influenced by regulation. Recent EPA rules have significantly increased demand for PFAS destruction, but regulatory timelines can change, and enforcement priorities may evolve over time. I view this as a timing risk rather than a structural one. PFAS contamination is unlikely to disappear, and both the United States and Europe continue moving toward stricter regulation.Overall, I view Aquagga very differently today than I did in 2023. Back then, the primary question was whether the technology would work at commercial scale. Today, the technology has largely answered that question. The investment case now depends on management's ability to execute commercially over the next several years.Final ThoughtsI like deep-tech companies because they have the potential to build businesses that are difficult to replicate. The challenge is that they often spend years proving the technology before investors know whether there is a real commercial market. Aquagga has now reached the stage where that question is becoming much easier to answer.The company has validated its technology, attracted customers that matter, and entered a market that is becoming more attractive every year. Revenue has continued to grow, commercial contracts are replacing pilot projects, and management has been disciplined with capital despite operating in one of the most capital-intensive sectors of venture investing.There are still risks. Commercialization is rarely a straight line, and future financing will almost certainly be needed before the company reaches profitability. Those are normal risks for a company at this stage. What matters is whether the business continues executing as it has over the past three years.At a $20 million valuation cap, this is a well-priced deal. Aquagga has one of the strongest PFAS destruction technologies I have evaluated, management has consistently delivered on the milestones that mattered most, and the company is entering the stage where successful deployments can translate into meaningful long-term value. That's why Kingscrowd Capital invested again, and why I believe this remains an attractive opportunity for investors who are comfortable with the risks that come with deep-tech investing.","quick_facts":["Won 1st place in EPA’s Innovative Ways to Destroy PFAS Challenge","Suez selected HALT as its exclusive PFAS destruction technology in Europe","3M chose HALT over competing technologies; first commercial unit instal","$4.3 million in 2025 revenue","$52.7M commercial pipeline — 60% of leads are inbound","$16M+ generated from revenue and grants on less than $2M of dilutive capital raised"]},"computed_metrics":{"total_amount_raised":21250,"total_investors":8,"team_size":2,"featured_investor_count":0,"faq_count":1,"recent_post_count":0},"quick_facts":[{"claim_id":"claim-fact-1","value":"Won 1st place in EPA’s Innovative Ways to Destroy PFAS Challenge","citation":"https://wefunder.com/aquagga.kingscrowd#claim-fact-1","observed_at":"2026-07-15T03:54:01Z","expires_at":"2026-07-22T03:54:01Z"},{"claim_id":"claim-fact-2","value":"Suez selected HALT as its exclusive PFAS destruction technology in Europe","citation":"https://wefunder.com/aquagga.kingscrowd#claim-fact-2","observed_at":"2026-07-15T03:54:01Z","expires_at":"2026-07-22T03:54:01Z"},{"claim_id":"claim-fact-3","value":"3M chose HALT over competing technologies; first commercial unit instal","citation":"https://wefunder.com/aquagga.kingscrowd#claim-fact-3","observed_at":"2026-07-15T03:54:01Z","expires_at":"2026-07-22T03:54:01Z"},{"claim_id":"claim-fact-4","value":"$4.3 million in 2025 revenue","citation":"https://wefunder.com/aquagga.kingscrowd#claim-fact-4","observed_at":"2026-07-15T03:54:01Z","expires_at":"2026-07-22T03:54:01Z"},{"claim_id":"claim-fact-5","value":"$52.7M commercial pipeline — 60% of leads are inbound","citation":"https://wefunder.com/aquagga.kingscrowd#claim-fact-5","observed_at":"2026-07-15T03:54:01Z","expires_at":"2026-07-22T03:54:01Z"},{"claim_id":"claim-fact-6","value":"$16M+ generated from revenue and grants on less than $2M of dilutive capital raised","citation":"https://wefunder.com/aquagga.kingscrowd#claim-fact-6","observed_at":"2026-07-15T03:54:01Z","expires_at":"2026-07-22T03:54:01Z"}],"latest_fundraise":{},"investor_memos":[],"team":[{"id":6747682,"entity_id":"wefunder:company_role:6747682","name":"Léa Bouhelier-Gautreau","title":"Senior Investment Associate","role":"employee","profile_url":"https://wefunder.com/leabouheliergautreau"},{"id":6747684,"entity_id":"wefunder:company_role:6747684","name":"Chris Lustrino","title":"General Partner","role":"employee","profile_url":"https://wefunder.com/chris.lustrino.3"}],"featured_investors":[],"relationships":[{"source_entity_id":"wefunder:company:210985","relation":"has_team_member","target_entity_id":"wefunder:user:2487311","target_url":"https://wefunder.com/leabouheliergautreau"},{"source_entity_id":"wefunder:company:210985","relation":"has_team_member","target_entity_id":"wefunder:user:4324201","target_url":"https://wefunder.com/chris.lustrino.3"}],"faq":[{"question":"The raise from 2023 showed revenue projections at $25mm in 2025 and \u0026gt;$50mm in 2026. Can you highlight why they’ve deviated so much? Based on prior projections being wildly optimistic, how do you gain comfort in the current forward view? If the growth trajectory remains in l...","answer":"Hi Justin, Thank you for your question and for taking the time to analyze the deal. I had the exact same question during our diligence. The 2023 projections assumed the company would raise a much larger financing round and use that money to rapidly expand hiring, manufacturing, and commercial deployments. That financing never happened. Instead, Aquagga stayed very capital efficient. Since then, it has raised only about $2.5 million in dilutive capital while bringing in more than $15 million t..."}],"recent_posts":[],"provenance":{"source":"wefunder_public_company_profile","as_of":"2026-07-15T05:42:00Z","claims":{"total_amount_raised":{"source":"FrontCompanySummary#amount_raised","last_verified_at":"2026-07-15T03:54:01Z","as_of":"2026-07-15T05:42:00Z","confidence":"high"},"total_investors":{"source":"FrontCompanySummary#number_of_investors","last_verified_at":"2026-07-15T03:54:01Z","as_of":"2026-07-15T05:42:00Z","confidence":"high"},"active_raise_states":{"source":"Fundraise.visible(nil, nil)","last_verified_at":"2026-07-15T03:54:01Z","as_of":"2026-07-15T05:42:00Z","confidence":"high"},"latest_fundraise_state":{"source":"Fundraise.visible(nil, nil).order(funding_started_at)","last_verified_at":"2026-07-15T03:54:01Z","as_of":"2026-07-15T05:42:00Z","confidence":"medium"}}}}}}