QiO Technologies, an AI sustainability tech start-up which supports energy-intensive businesses to deliver rapid reductions in greenhouse gas emissions (GHG) and energy costs, has closed a $10m Series B funding round from WAVE Equity Partners, a leading impact investment firm based in Boston, USA.
QiO will use this funding to expand its operations in USA and Europe, enhance the capabilities of its Foresight Sustainability Suite™, and accelerate customer acquisition in sectors which face the biggest challenges in achieving net zero GHG emissions.
Energy-intensive industries contribute 24.2% of global GHG emissions each year. These industries need help to make progress on the immediate emissions cuts required to stop the growth of GHG emissions by 2025 and deliver overall reductions of 25% by 2030. Foresight Sustainability Suite™ addresses this challenge. QiO estimates its products could deliver up to 10% of the total GHG reduction required to meet the 2030 Paris Agreement goal for limiting global temperature rises to 1.5-2°C.
QiO developed its Foresight Sustainability Suite™ in response to the difficulties faced by industry in leveraging large, disparate sources of operational data to reduce GHG emissions and improve operational efficiency. By applying its AI optimization technology in sectors ranging from automotive, steel, glass, cement, oil & gas, data centers and telecoms, Foresight Sustainability Suite™ has delivered up to 20% savings on energy and maintenance costs and reduced GHG emissions by up to 10%.
QiO’s newest product, Foresight Optima DC+™, was developed in partnership with Intel to meet the needs of energy-intensive data centers, which consume around 3% of the world’s electricity and produce about 2% of total GHG emissions.
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. Expanding…