Axiom Cloud, a San Jose, CA-based company that provides refrigeration management software, announced $7.4 million in Series A financing led by Blue Bear Capital to prepare for its next phase of growth.
Existing investors, including Leadout Capital, Momenta Ventures, Ulu Ventures, Powerhouse Ventures, and Vela Partners, and new investors, including Frontier VC, Artifact Capital, and others, also participated in the round.
The funds will be used to scale its software, operations, and sales teams to meet the accelerating market demand for its refrigeration software. Axiom Cloud has raised approximately $11.6 million since its inception in 2020.
"In low-margin businesses like grocery and cold storage, refrigeration is basically the whole ballgame for energy, maintenance, uptime, and sustainability, and there's a lot of opportunity for improvement," said Amrit Robbins, CEO, and co-founder of Axiom Cloud. "We have figured out how to solve many of our customers' hairiest problems using software-enabled services, and we are just getting started."
Axiom Cloud's approach combines real-world refrigeration experience with expertise in cloud analytics, thermophysical modeling, AI, and automation. Currently, its subscription-based services can be deployed to 100+ sites per week, and customers achieve positive cash flow in the first year.
Company: Axiom Cloud Inc.
Raised: $7.4M
Round: Series A
Funding Month: January 2023
Lead Investors: Blue Bear Capital
Additional Investors: Leadout Capital, Momenta Ventures, Ulu Ventures, Powerhouse Ventures, Vela Partners, Frontier VC, and Artifact Capital
Company Website: https://www.axiomcloud.ai/
Software Category: Refrigeration Management Software
About the Company: Founded by Amrit Robbins and Nikhil Saralkar, Axiom Cloud provides grocery and cold storage software to reduce energy, maintenance costs, service calls, and refrigerant leak rates. The company leverages artificial intelligence (AI), Internet of Things (IoT) technology, and automation to proactively identify maintenance issues and optimize ongoing energy consumption. Axiom Cloud's mission is to use software and automation to transform how the world's cooling systems are powered, operated, and maintained, to generate significant climate and financial impact. Axiom's existing customers include Grocery Outlet, Sprouts, HelloFresh, Whole Foods Market, and other nationally-recognized brands. The company is headquartered in Oakland, California.
Source: https://www.prnewswire.com/news-releases/axiom-cloud-raises-7-4m-series-a-to-transform-commercial-refrigeration-using-ai-301722659.html