Fero Labs, a New York-based AI-driven manufacturing process optimization software company, closed $15 million in growth funding, bringing its total raised to $30 million.
The round was led by Climate Investment ('CI', formerly OGCI Climate Investments), with additional participation from investors Blackhorn Ventures, Innovation Endeavors, and DI Technology.
With this new funding, the company plans to deploy new sustainability features that will accelerate commercialization across key industries, with the internal goal of reducing at least 800,000 tons of emissions by 2025.
The company’s software provides plant operators, with little-to-no data science background, access to powerful insights, enabling them to understand the root cause of any issue and deploy updates to ensure their plants operate sustainably and at peak performance.
"We are pleased to announce our latest funding as we continue to build our white-box AI technology to make factories greener," said Berk Birand, co-founder and CEO at Fero Labs. "The industrial sector is notoriously hard to decarbonize, and hardware solutions like carbon capture and storage come with a hefty price tag and daunting implementation process. White-box AI software requires no capital expenditure and can be quickly implemented. This means companies can immediately start reducing emissions and quantify emissions reduction more accurately with easy-to-understand dashboards and reports. Tangible proof of impact is a crucial part of the sustainability journey. The participating investors are the perfect long-term partners for us to bring on as we continue to work toward hitting our sustainability goals."
Company: Fero Labs, Inc.
Raised: $15.0M
Round: Growth Round
Funding Month: June 2023
Lead Investors: Climate Investment
Additional Investors: Blackhorn Ventures, Innovation Endeavors, and DI Technology
Company Website: https://www.ferolabs.com/
Software Category: AI-driven Manufacturing Process Optimization Software
About the Company: Founded in 2015 by Alp Kucukelbir, Berk Birand, and Pamir Ozbay, Fero Labs is a company that specializes in AI-powered manufacturing process optimization software. With its headquarters in New York, Fero Labs assists manufacturers in achieving simultaneous cost reduction and emissions reduction. The company collaborates with major global players in various sectors, providing AI solutions that enable engineers to make more efficient production decisions. Notably, Fero Labs' software has already generated over $20 million in savings for esteemed customers such as Covestro, Gerdau, and CELSA Nordic and reduced carbon emissions by over 100,000 tons.
Source: https://www.prnewswire.com/news-releases/fero-labs-secures-15m-to-reduce-manufacturing-emissions-with-ai-301856002.html