Faradai, a London-based net zero intelligence startup, has taken on $2.4 million in pre-series A funds from investors led by Switzerland's Sangha Capital and Edenbase from the UK.
UK-based proptech fund Goldacre and Singapore-based fund EthAum Ventures, professional investors from Goldman Sachs UK, and angel investors from the UAE, Turkey, and India also participated in the round.
The fund will be used to expand its carbon & energy analytics solutions globally and to develop further its Net Zero software offering with AI & IoT-Powered tools.
The founders — Sahin Caglayan, Burak Sefer, and Utku Simitli — say AI is the new electricity, and sustainability is the new digital. "Many organizations have committed to net zero targets, with many others seriously looking at how they can improve the sustainability of their business and operations."However, setting targets is only the first step. Constructing a credible and achievable plan for monitoring, reducing, or eliminating Scope 1, 2, and 3 emissions is a huge challenge for even the largest organizations," says Caglayan, Sefer, and Simitli, "With Faradai's real-time AI-powered prediction engine and IoT-powered data acquisition capabilities, Faradai provides science-based methodologies to define an actionable pathway of decarbonization activities and achieve its customers’ net zero ambitions.’’
The startup now employs 80 staff across five country offices (London, Singapore, Istanbul, Dubai, and Madrid.) with 18,000 data-gathering sites helping to collect, store, analyze, and report energy intelligence.
Company: FARADAI ENERGY TECHNOLOGIES CORP.
Raised: $2.4M
Round: pre-Series A
Funding Month: November 2022
Lead Investors: Sangha Capital and Edenbase
Additional Investors: Goldacre and EthAum Ventures
Company Website: https://faradai.ai/
Software Category: AI-Powered Net Zero Intelligence
About the Company: Founded by Sahin Caglayan, Burak Sefer, and Utku Simitli, Faradai s a high-tech company with a strong engineering team based in London. It provides enterprise software to measure, analyze and report energy and carbon emissions. Faradai energy intelligence platform is an AI and cloud-based PaaS data analytics solution for commercial buildings, industrial facilities, and renewable energy plants. The platform, comprising two products focused on energy bookkeeping and sustainability, pulls up data from across whole organizations and their IoT networks, not just on the environment but also standard operational and financial data, to inform better decision-making on net zero goals.
Source: https://tech.eu/2022/11/09/pre-series-a-investors-pump-24-million-into-net-zero-intelligence-startup-faradai/