Farnborough’s QiO Technologies closes $10m Series B round
Farnborough-based AI sustainability tech startup QiO Technologies are raised $10 million from WAVE Equity Partners in a Series B funding round.
QiO Technologies, which uses AI to help energy-intensive businesses cut their greenhouse gas emissions and energy costs, will use the funding to expand its operations in the USA and Europe, develop the capabilities of its Foresight Sustainability Suite™ and acquire new customers.
Through application of its AI optimization technology in sectors ranging from automotive, steel, glass, cement, oil & gas, data centres and telecoms, the firm’s platform has delivered up to 20 per cent savings on energy and maintenance costs and reduced GHG emissions by up to 10 per cent.
The platform also automates real-time ESG reporting, enabling every customer to track and report Scope 1 and Scope 2 emissions.
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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."
Mark Robinson, Co-Founder and Managing Partner of WAVE Equity Partners, said: “The companies we invest in are responsible for developing innovations that lead us toward a healthier, more hospitable planet.
“QiO has built the market leading innovative Foresight Sustainability Suite ™ that uses the power of AI to solve environmental challenges on a global scale. We are excited to partner with QiO to support their ambition to contribute substantially to overcoming the challenges of climate change.”
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Featured image: iStock
