Pesco (Pragmatic Environmental Solutions), a Roanoke, Virginia company that makes equipment to recycle oil and other polluting materials, merged with an Indian company to receive its first venture funding from a firm in that country.
The company has been around since 1991, and its owner projects $200 million in revenue in 2008. The Indian company it merged with is called Beam Solutions Ltd.
UTI Ventures, which is based in Bangalore, India, provided the entire $8 million in funding, which Pesco intends to use for rapid expansion. Its founder, Luke Staengle, told VentureWire (subscription required) that he'll seek another $25-30 million round next year.