FIDO AI Ltd, a pioneering software company focused on enhancing global water resilience, has successfully completed a Series B funding round. This capital injection is set to facilitate the company's mission of reducing non-revenue water (NRW) through advanced AI technology and refined water data insights. The funding round was spearheaded by CRH Ventures, the venture capital arm of CRH, a well-established entity in building materials solutions. Joining CRH Ventures in this investment are existing backers such as SKion Water GmbH and Emerald Technology Ventures.
The freshly secured funds are poised to expedite FIDO AI's footprint in the realm of global water management, while opening doors for strategic growth in related markets of building, equipment, and infrastructure delivery. FIDO's Chief Executive Officer, Victoria Edwards, expressed her enthusiasm about the investment, stating, "This partnership with CRH Ventures not only solidifies our future but also enables us to tap into markets previously beyond reach and to effectively pursue our mission of eradicating water scarcity."
Edwards further highlighted the strategic alignment with CRH, which houses the Oldcastle Infrastructure business in the United States. The company envisions this collaboration as a means to position FIDO AI as a leader in water resilience and stewardship on a global scale, covering infrastructure development, maintenance, and sustainability reporting.
Eduardo Gomez, leading CRH Ventures, affirmed the venture's dedication to backing innovative and sustainable technologies. He commented on the partnership with FIDO AI, emphasising that the synergy aligns with CRH's goal of promoting innovation in the built environment. CRH Ventures looks forward to expanding this collaboration, especially through Oldcastle Infrastructure, to bring transformative improvements in water management.
Supporting this vision, Jason Jackson, President of Oldcastle Infrastructure, remarked on the significance of the investment in FIDO AI as part of their ongoing quest to enhance infrastructure solutions, particularly pertaining to global water challenges. The alliance aims to address and mitigate the impact of water loss in communities, while evolving leak detection technologies for a more sustainable future.
Since its inception in 2019, FIDO's volumetric AI technology has become a cornerstone in smart water management. Its capabilities in detecting hidden water leaks through acoustic analysis provide essential data on the presence, size, and exact location of leaks. Moreover, FIDO's technology is increasingly utilised in broader watershed management and preventive maintenance. Additionally, FIDO Plus, the company's corporate water stewardship model, collaborates with Oldcastle Infrastructure to assist corporations in executing water replenishment initiatives.
This approach allows corporate entities to deploy FIDO’s AI across local utility networks, facilitating rapid and effective leak repair, validated through volumetric water benefit (VWB) accounting – a methodology recognised by the Alliance for Water Stewardship (AWS). The water conserved contributes directly to local water availability, bolstering corporate environmental, social, and governance objectives.
Notably, Microsoft is among the multinationals embracing FIDO Plus to bolster their global water stewardship initiatives, with projects currently underway in London, Mexico, and the Colorado River basin. Such partnerships underscore FIDO AI's growing influence and commitment to promoting sustainable water management solutions worldwide.
Source: Noah Wire Services