Oxyle raises 16 million dollars in seed capital

(CONNECT) Investors have committed 16 million dollars to the Schlieren-based start-up Oxyle in a seed financing round. It was led by Paris-based 360 Capital, with the participation of Axeleo Capital from Lyon, Founderful 's existing Zurich backers and New York-based SOSV.

The spin-off of the Swiss Federal Institute of Technology in Zurich, which was founded in 2020, will use the additional funds to scale up its technology for the destruction of per- and polyfluoroalkyl substances (PFAS), according to a press release. These molecules, known as perpetual chemicals, do not break down and accumulate in water, soil and ultimately in the human body.

In contrast to conventional filter or concentration methods, Oxyle destroys PFAS molecules instead of merely shifting the problem to another level through filtration, for example, according to the company. In addition, his technology consumes at least 15 times less energy than other destruction methods.

"Five years ago, Oxyle consisted of two founders and one big idea: to ban chemicals from our water forever," co-founder and CEO Dr. Fajer Mushtaq is quoted as saying. "Today, this idea has been proven, implemented and is ready for scaling." This funding "gives us what we need to bring our technology to the industries and communities that need it most". Mushtaq and CTO Silvan Staufert and their now 26-strong team put the first fully-fledged commercial system into operation in Switzerland in November 2024.

Oxyle believes its solution comes at the right time: PFAS-related lawsuits and multi-billion dollar settlements are on the rise in the US, forcing companies to find preventative solutions. According to the Forever Lobbying Project, the cost of cleaning up soil and water in Europe could amount to 100 billion euros a year. ce/mm