FIDO AI Raises Series B Investment to Scale Its Innovative Water Management Technology
FIDO AI Ltd, a software company specializing in AI-led non-revenue water (NRW) reduction and water data insights, has secured Series B funding to scale its business. The investment round, led by CRH Ventures, the venture capital unit of CRH, a leading provider of building materials solutions, joins existing investors SKion Water GmbH, Emerald Technology Ventures, and others. The new funding will enable FIDO AI to accelerate its commercial success in global water management and corporate water stewardship, as well as pursue strategic opportunities in adjacent markets. CRH Ventures investment in FIDO AI aligns with CRH s focus on developing innovative and sustainable solutions for the built environment. The strategic partnership between FIDO AI and CRH is expected to position FIDO AI as a world leader in smart water resilience and stewardship across infrastructure build, maintenance, management, and sustainability reporting. FIDO AI s unique volumetric AI technology has become a leading solution in smart water management since its development in 2019. The technology provides unparalleled data insight on hidden water leaks and is increasingly used for broader watershed level management, including proactive maintenance and collaborative corporate water replenishment programs. FIDO AI is now used in five continents, with offices in the UK and the US. The company s AI technology can find leaks and other events 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 recognized by the Alliance for Water Stewardship (AWS). Microsoft and other multinational companies are using FIDO Plus, FIDO AI s innovative corporate water stewardship model, as a key part of their global water stewardship programs. The volume of water saved through FIDO AI s technology contributes to water availability through watershed replenishment and can be claimed as a volumetric water benefit (VWB) against corporate environmental, social, and governance goals.
Source: marketscreener.comPublished on 2024-10-02
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