Phaidra, a Seattle, Washington-based pioneer of using artificial intelligence (AI) to improve efficiency, stability, and sustainability in the industrial sector, announced that it closed $25 million in Series A funding.
The round was led by Starshot Capital, a venture firm that supports high-impact high-growth companies, particularly those addressing climate change, joined by problem-solving organization Helena, a new major investor.
Ahren Innovation Capital, and Mustafa Suleyman. Existing investors Flying Fish, Section 32, and Character all participated in the round.
The funding will allow Phaidra to accelerate the deployment of its technology in mission-critical industries, from data centers and refineries to pharmaceutical plants and steel mills.
The company also announced the appointment of industry veteran Robert Locke as its new president and chief strategy officer.
Company: Phaidra, Inc.
Raised: $25.0M
Round: Series A
Funding Month: July 2022
Lead Investors: Starshot Capital
Additional Investors: Helena, Ahren Innovation Capital, and Mustafa Suleyman. Existing investors Flying Fish, Section 32, and Character
Company Website: https://www.phaidra.ai/
Software Category: Industrial AI
About the Company: Phaidra is an industrial AI company, whose mission is to make the industrial sector radically more resource-efficient via self-learning control systems. Every aspect of modern life depends on complex industrial processes (e.g. factories, power plants, data centers) that convert large quantities of raw materials into finished goods. Phaidra's product is a closed-loop AI control system that automatically learns from sensor data and gets better over time at managing these complex industrial facilities. Phaidra's founding team comes from DeepMind, the Alphabet-owned AI research hub, and the defense and HVAC industry — representing a unique intersection of AI and industrials that defines the company.
Source: https://www.prnewswire.com/news-releases/phaidra-uses-ai-to-boost-industrial-profitability-and-reduce-emissions-301587490.html?tc=eml_cleartime