Water treatment company Gradiant has closed a Series E financing round, valuing the company at $2 billion.

The company said that it will use the financing to support its expansion globally, with particular focus on the data center market.

Gradiant has not disclosed how much money it raised in the round. DCD has contacted the company requesting further details.

The financing was led by Safar Partners and Hostplus Superannuation Fund, with participation from ClearVision Ventures and other global investors. The exact figure raised was not disclosed.

The company claims that it is currently experiencing its largest backlog and strongest pipeline in company history, with significant growth across data centers, semiconductor fabs, and power.

“AI is re-making the global economy, but behind every chip and every data center lies massive and growing water demand,” said Anurag Bajpayee, co-founder and executive chairman of Gradiant. “Gradiant sits at the center of this transformation."

The company’s primary offering to the data center market is its HyperSolved system, which is designed to manage the full cooling water lifecycle, from sourcing through to discharge, under a single platform. Last week, the firm announced that it had deployed the system across several large-scale hyperscale data centers.

Gradiant expects data centers to account for around 25 percent of its global business by 2027. HyperSolved is available across North America, Europe, the Middle East, and Asia.

In April, the firm reported that it had been awarded a contract to design and deliver a water treatment facility for a planned hyperscale data center in Didcot, South Oxfordshire, UK, located on the site of a former coal power station.