AI startup Qio Technologies receives $10 million to help energy-intensive businesses reduce greenhouse gas emissions and energy costs

QiO Technologies, an AI sustainability startup that supports energy-intensive businesses to rapidly reduce greenhouse gas (GHG) emissions and energy costs, has closed a $10 million Series B funding round from Wave Equity Partners, a leading equity firm. based in Boston, USA.

QiO will use this funding to expand its operations in the US and Europe, expand the capabilities of its Foresight Sustainability Suite, and accelerate customer acquisition in sectors that face the biggest challenge in achieving zero greenhouse gas emissions.

Energy-intensive industries account for 24.2% of global greenhouse gas emissions annually. These industries need help to make progress on the immediate emission reductions needed to halt the rise in greenhouse gas emissions by 2025 and achieve an overall reduction of 25% by 2030. Foresight Sustainability Suite solves this problem. QiO estimates that its products can provide up to 10% of the total reduction in greenhouse gas emissions needed to meet the Paris 2030 goal of limiting global temperature rise to 1.5-2°C.

QiO developed its Foresight Sustainability Suite in response to the challenges the industry faces in leveraging large, disparate operational data sources to reduce greenhouse gas emissions and improve operational efficiency. By applying its AI optimization technology to sectors ranging from automotive, steel, glass, cement, oil and gas, data center and telecommunications, Foresight Sustainability Suite delivers up to 20% savings in energy and maintenance costs, and a reduction in greenhouse gas emissions of up to 10%. %.

QiO’s latest product, Foresight Optima DC+, was developed in partnership with Intel to meet the needs of energy-intensive data centers, which consume about 3% of the world’s electricity and generate about 2% of total greenhouse gas emissions.

Foresight Optima DC+ saves energy and reduces emissions by 20-30% in data centers around the world by analyzing power usage and making real-time adjustments for individual servers. Expanding QiO’s customer base in this area will be a priority after funding.

Foresight Sustainability Suite by QiO works by collecting data from industrial facilities ranging from ovens, ovens, boilers and compressors to cooling systems and data center servers. Using artificial intelligence, Foresight Sustainability Suite identifies and implements real-time actions that optimize energy efficiency and resource use, helping customers rapidly reduce greenhouse gas emissions, energy consumption, operating costs and waste. Foresight Sustainability Suite also automates real-time ESG reporting, allowing each customer to track and report Scope 1 and Scope 2 emissions.

Rick Heythornthwaite, co-founder and chairman of QiO Technologies, said: “Energy-intensive industries and data centers play a critical role in achieving a low-carbon economy. Our mission is to make QiO the partner of choice for businesses today that want to take decisive action to accelerate their progress to zero. With our proven technology, proven track record in saving energy and reducing greenhouse gas emissions, and this Series B funding, QiO is well positioned to support energy-intensive businesses as they come under greater scrutiny from customers, investors, regulators and governments to providing clean services. zero targets.

Mark Robinson, co-founder and managing partner of Wave Equity Partners, said: “The companies we invest in have a responsibility to develop innovations that lead us to a healthier and hospitable planet. QiO has created the market-leading innovative Foresight Sustainability Suite, which harnesses the power of artificial intelligence to solve global environmental challenges. We are delighted to be partnering with QiO to support their commitment to make a significant contribution to tackling the challenges of climate change.”