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 US$10 million Series B fundraising round from WAVE Equity Partners, a leading impact investment firm based in Boston, USA.
WAVE Equity Partners' investment will see QiO expand its operations in the USA and Europe, enhance the capabilities of its Foresight Sustainability Suite™ and acquire new customers in sectors facing the biggest challenges in achieving net zero GHG emissions.
Energy intensive industries contribute 24.4% of global GHG emissions each year. By applying its AI optimization technology in these industries, ranging from automotive and steel to data centres and telecoms, QiO has delivered up to 20% savings on energy and maintenance costs and reduced GHG emissions by up to 10% for its customers.
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.
WAVE Equity Partners was advised by international law firm Osborne Clarke's market leading venture capital team, led by James Taylor with support from Liz Foley. Additional support was provided by Osborne Clarke's international teams, led by Joanna Chudzinski in Germany, Wei Jie Lim in Singapore and Xerxes Antia from BTG Legal in India.
WAVE Equity Partners is a Boston-based private equity firm that works with companies to accelerate development of their market validated solutions focused on solving some of the world’s most significant challenges in essential markets for clean energy, water, waste, food, and clean air. It specializes in breakthrough innovations in industrial tech and sustainability. For additional information, visit https://waveep.com/.
Osborne Clarke's international venture capital team is a go-to practice for companies operating in tech-enabled industries. From start-up through venture financing and the growth journey beyond, whether continuing to sale, IPO or international expansion, the team has an outstanding track record advising businesses, entrepreneurs and investors that are driving innovation. Osborne Clarke's dedicated resource centre, OC Ventures, brings together experts from across our international network to deliver a holistic seamless service to clients throughout the ventures ecosystem. As businesses strive to meet the challenges of decarbonisation, the team’s experience and understanding of this sector also means they are well placed to advise on companies' decarbonisation journeys.