Orbital Systems in a $23 million equity deal backed by K2A, M2 Asset Management, Stena, Polar Growth and Vatio.

Orbital Systems, a Malmö, Sweden-based manufacturer of consumer smart water solutions, announced raising fresh capital in an equity round closed at $23 million.

The money was raised locally from Sweden, from new investors including K2A, M2 Asset Management AB, Stena AB, Polar Growth AB (part of Polar Structure AB) and Vatio AB (Jonas Nordlander). The round included financial contributions from existing shareholders Niklas Zennström (board member), Peter Carlsson (board member), Investment AB Öresund, Philian AB (Karl-Johan Persson.), Formica Ventures AB and C. Ehrnrooth Family Office.

Orbital Systems, founded in 2012 and led by CEO Mehrdad Mahdjoubi, develops smart water solutions for homes, dramatically reducing water consumption with a circular shower system based on purification and sensor technology. The technology behind the circular water system can eventually be used for all water consumption in the household. The company sells out of showrooms in Malmö, Copenhagen and Stockholm and produced sales of SEK 40 million ($4.3M) in 2020, according to the last financial statements available.

Orbital systems last raised $24 million at the end of 2020.