FIDO AI, an Oxford, UK-based provider of water data insights software, raised an undisclosed amount in Series B funding.
The round was led by CRH Ventures, with participation from existing investors SKion Water GmbH, Emerald Technology Ventures and others.
The company intends to use the funds to accelerate their commercial growth in global water management and corporate water stewardship and to pursue additional strategic opportunities in adjacent building, equipment and infrastructure delivery markets.
Led by CEO Victoria Edwards, FIDO AI is a technology company using deep learning from its water data sets to improve global water management and community water resilience at scale. Its AI can find leaks and other events occurring on water pipeline networks in real time and rank them by size for effective prioritization. The results are validated using volumetric water benefit accounting, a methodology for valuing water stewardship activities which is recognised by the Alliance for Water Stewardship (AWS).
The system is now used by corporates and utilities in five continents, with offices in the UK and the US.
Commenting on the news, Victoria Edwards said: “I am thrilled to announce CRH Ventures’ investment in FIDO which builds on our existing partnership with CRH through its Oldcastle Infrastructure business in the United States. This investment not only secures our company’s future, but it will also allow us to grow at scale in markets we could not easily have reached and to really fulfil our mission of creating a world without water scarcity.“
FinSMEs
02/10/2024