gush raises US$3.4M led by TNB Aura to develop air-purifying interior paint
gush, a Singapore-based advanced materials company, announced today it has closed a S$4.65 million (US$3.4 million) pre-Series A round of funding, led by TNB Aura.
Existing backer Fidelium Group and strategic investors RSP Architects, SEEDS Capital, TRIREC and several unnamed individuals also joined the round.
This deal comes 15 months after mainboard-listed City Development Limited (CDL) invested S$3 million into gush.
The latest funding will be used by the firm to develop new products to improve the quality of indoor environments as well as built spaces, besides speeding up its expansion in the local and overseas markets.
Started in 2017 by Ryan Lim and Lester Leong, gush aims to create and provide innovative products that improve living spaces and environments. Its solutions help a spectrum of spaces, including residential, commercial and business environments.
The company’s flagship product is an air purifying and volatile organic chemical (VOC)-free cair interior paint, which has been used in more than 1,700 residential projects and over 50 commercial projects, including Thomson Medical, Farrer Park Hospital and Changi Beach Club.
As per the company, its key air-purifying properties have proven to be able to remove VOCs from indoor spaces around the clock for up to eight years. The paint’s antibacterial and anti-moulding properties also mitigate problems such a moulding brought on by Singapore’s typically warm and humid climate.
In addition to paint, gush’s research includes other advanced materials in its mission to further improve individuals’ health and lives. They include an anti- thermal coating (ATC), which when applied to surfaces will reflect heat away from buildings, lessening the energy demand on active cooling especially in regions with hot climates.
CFO Leong said: “Part of the proceeds from this round will be to expand to other markets where there is significant emphasis on environmental and sustainability issues, and where consumers are willing to pay a premium for our products, especially our core product which is the air-purifying and zero-VOC cair interior paint. Some of our targeted markets also have a much higher DIY culture and we hope to see promising retail sales volumes in these markets.”
Established in 2015, TNB Aura invests into the next wave of tech-enabled companies disrupting Southeast Asia. It invests US$1-10 million in Series A and B tech startups in Southeast Asia.
In April this year, the Singapore-based VC firm TNB Aura launched a new Special Situations Fund, which intends to invest US$2 million each in tech startups impacted by the COVID-19 pandemic.