QiO Technologies, a London, UK-based AI sustainability tech startup, closed $10 million in Series B funding from WAVE Equity Partners, a leading impact investment firm based in Boston, USA.
This funding will be used to expand its operations in USA and Europe, enhance the capabilities of its Foresight Sustainability Suite™, and accelerate customer acquisition in sectors that face the biggest challenges in achieving net zero GHG emissions.
QiO supports energy-intensive businesses to deliver rapid reductions in greenhouse gas emissions (GHG) and energy costs, in sectors ranging from automotive, steel, glass, cement, oil & gas, data centers, and telecoms.
Rick Haythornthwaite, Co-Founder and Chairman of QiO Technologies, said: “Energy-intensive industries and data centers have a crucial role to play in achieving a low-carbon economy. Our mission is for QiO to be the partner of choice for businesses that want to take decisive action today to accelerate their progress to net zero. With our proven technology, demonstrable track record of delivering energy and GHG emissions savings, and this Series B funding, QiO is well-placed to support energy-intensive businesses as they come under greater scrutiny from customers, investors, regulators, and governments to deliver on net zero targets."
QiO developed its Foresight Sustainability Suite™ in response to the difficulties faced by the industry in leveraging large, disparate sources of operational data to reduce GHG emissions and improve operational efficiency. Foresight Sustainability Suite™ also automates real-time ESG reporting, enabling every customer to track and report Scope 1 and Scope 2 emissions.
The company's newest product, Foresight Optima DC+™, was developed in partnership with Intel to meet the needs of energy-intensive data centers. Foresight Optima DC+™ has delivered energy savings and emissions reductions of 20-30% in data centers worldwide by analyzing energy consumption and making real-time adjustments to individual servers.
Company: Qio Technologies Limited
Round: Series B
Funding Month: February 2023
Lead Investors: WAVE Equity Partners
Company Website: https://qio.io/
Software Category: Industrial IoT AI Software
About the Company: Founded in 2015, QIO Technologies is an industrial IoT AI software products company delivering Foresight Sustainability Suite™ to reduce greenhouse gas emissions, improve resource efficiency, and accelerate operational sustainability for industrial companies, data centers, and telecom operators. QiO’s Foresight Sustainability Suite™ operates by collecting data from industrial assets ranging from kilns, furnaces, boilers, and compressors to cooling systems and data center servers. Using AI, Foresight Sustainability Suite™ identifies and implements real-time actions that optimize energy efficiency and resource use, helping customers make rapid reductions in GHG emissions, energy use, production costs, and waste. QiO is headquartered in the UK, with engineering and delivery teams in India supporting customers across the globe.
Source: QiO Press Release