Air purification and detoxification technology company VBreathe is raising up to $10 million in a pre-IPO capital raising slated to close next week.
The company, which has an air detoxification device utilising a special filter, has boomed during COVID-19, with revenue understood to be up more than 500 per cent (off a low base) going into the 2022 financial year, thanks to the device’s capability of killing airborne viruses.
Early investors Mark McConnell of Citadel Group and Eric Gao’s BMY Group are understood to be doubling down on their initial investments and are already locked in to support the latest raise.
The device is portable, charges via a USB-C connection, and looks more like a speaker or a fancy fan than an air detoxifier.
Founded by Australian serial entrepreneur Mohit Sharma in 2015, its device combines a patented detoxifying gel technology based on natural compounds (which saturates the air in indoor spaces via a controlled evaporation process) with HEPA filtration, which is capable of capturing tiny particles.
The device has been assessed by global laboratory testing company Eurofins and the independent report, seen by Street Talk, indicated it could reduce a surrogate strand of the coronavirus with 99.9 per cent efficiency after two hours of usage.
Bell Potter and Ad Astra were assisting VBreathe with the raise. The company is aiming to list on the ASX next year.
In February, the company announced it had raised $6 million and had secured distribution agreements in Denmark and Germany, as well as with Procurement Australia. Since then, it has also locked in distribution deals in Poland, and direct sales in Australia are understood to have surged.