Done! I've created your memo: Water as an Investment Theme: Technology & Infrastructure Opportunities.
Here's what I pulled together from your three databases:
From your libraries, water shows up across five vectors:
- PE & infrastructure deals — EQT's acquisition of Seven Seas Water Group (220+ plants, Water-as-a-Service model)[1] and LG Chem's $1B divestiture of its RO membrane business to Glenwood PE[2]
- Venture-scale activity — Burnt Island Ventures' dedicated $50M water tech fund[3] and companies like Aqua Membranes (3D-printed membrane spacers)[4] and Desolenator (solar thermal desal)[5]
- Water as a weapon — The Bahrain desalination plant drone strike in March 2026[6] and India's suspension of the Indus Waters Treaty show water infrastructure is now a live defense problem
- AI-water nexus — Data center cooling could consume Denmark-level water by 2030[7], creating demand for industrial water reuse and efficiency tech
- Market signals — The NQH2O California water futures index[8] as an early indicator of water commoditization
The big gaps I flagged in the memo:
- Dedicated water VC funds are extremely rare (Burnt Island is nearly alone)
- Water utility software is a decade behind energy — "digital water" is wide open
- No one owns the water data layer (no Bloomberg-for-water exists)
- Potable reuse is cheaper and more scalable than seawater desal in most contexts but gets less capital
- The defense/resilience angle for water infrastructure is largely untouched by venture
The memo also ties in your Disperse Bio portfolio company as a relevant play on biofilm management for desal membranes. The structural thesis is grounded in the ProPublica/Science Advances research on continental drying and aquifer depletion that you saved in your Planetary Health library.[9][10]