FIDO AI Secures Series B Investment for Water Management Innovation
FIDO AI Secures Series B Investment for Water Management Innovation
FIDO AI Ltd, a pioneering software company based in the UK, has made significant strides in enhancing global water resilience. With a focus on artificial intelligence solutions to reduce non-revenue water (NRW), FIDO AI is dedicated to delivering curated water data insights. Recently, the company announced the successful completion of its Series B funding round, an essential step to scale its operations and amplify its impact in water management.
The Investment Round and Its Significance
The Series B funding was spearheaded by CRH Ventures, which is the venture capital arm of CRH, known for its excellence in building materials solutions. This partnership is primary as CRH Ventures joins FIDO AI's existing roster of investors, which includes reputable firms such as SKion Water GmbH and Emerald Technology Ventures.
Goals and Future Plans
The infusion of capital is designed to enable FIDO AI’s leadership to boost its commercial success in delivering innovative solutions for water management globally. Moreover, this funding will facilitate strategic opportunities within adjacent markets focusing on building, infrastructure, and equipment delivery.
Leadership Insight and Strategic Partnerships
Victoria Edwards, the CEO of FIDO, expressed her enthusiasm about the investment: "I am thrilled to announce CRH Ventures’ investment in FIDO, which builds on our existing partnership with CRH through its Oldcastle Infrastructure business in the United States. This funding not only secures our company’s future but enables us to expand significantly in markets that were previously challenging to access, fulfilling our mission to create a world with no water scarcity. This collaboration positions us favorably within the market ecosystem, establishing FIDO AI as a leader in providing smart solutions for water resilience and sustainability throughout various infrastructure projects."
CRH Ventures' Commitment
Eduardo Gomez, who heads CRH Ventures, commented, "This investment emphasizes our commitment to developing the most promising and innovative technologies. FIDO’s AI technology complements CRH’s mission to foster sustainable solutions in the built environment. We are eager to deepen our partnership, particularly through Oldcastle Infrastructure, driving significant changes in water management practices."
Technological Advancements in Water Management
Since its inception in 2019, FIDO’s unique volumetric AI has transformed smart water management, exemplifying its prowess in detecting hidden water leaks with unmatched precision. The technology not only identifies the presence and size of these leaks using acoustic analysis but also extends its capabilities to broader watershed management, ensuring proactive maintenance and effective corporate replenishment programs through its FIDO Plus offering.
Corporate Water Stewardship
The FIDO Plus model allows corporations to actively contribute to improving local utility networks by facilitating rapid leak repairs. Water savings achieved through these efforts are rigorously validated via volumetric water benefit (VWB) accounting. This methodology is endorsed by the Alliance for Water Stewardship (AWS), establishing a clear framework for valuing water stewardship activities. Businesses engaging in these programs can instantly contribute to water availability and align their achievements with corporate environmental and governance objectives.
Growing Adoption Among Multinational Corporations
With the increasing adoption of FIDO Plus by major global companies such as Microsoft, FIDO’s influence in corporate water stewardship initiatives is undeniable. The implementation of FIDO's solutions in key regions, including urban areas in London, Mexico, and the Colorado river basin, showcases its expansive reach and the critical role it plays in addressing water challenges on a global scale.
About FIDO AI
FIDO AI stands out as a global technology enterprise employing deep learning to efficiently enhance water management practices and bolster community resilience. The proprietary AI technology boasts the unique capability of real-time leak detection and prioritization, earning validation through recognized water stewardship methodologies. FIDO AI has entrenched itself on five continents, maintaining operational offices in both the UK and the US, and continues to push the boundaries of innovation in the water sector.
About CRH Ventures
CRH Ventures is the venture capital branch of CRH, a major player in building materials solutions. The firm possesses a substantial $250M Venturing and Innovation Fund, investing strategically in construction technology and climate tech startups across the construction sector.
About CRH
As a leading name in the building materials sector, CRH (NYSE: CRH) employs around 78,500 professionals across roughly 3,390 sites in 28 countries. It excels in transportation, infrastructure projects, and non-residential construction, contributing to sustainable building practices worldwide. A Fortune 500 entity, CRH is recognized for its environmental, social, and governance (ESG) commitments.
About Oldcastle Infrastructure
Oldcastle Infrastructure, a CRH company, leads in providing infrastructure solutions across various North American markets, including water and energy sectors. The company is dedicated to innovating infrastructure solutions that promote sustainability and long-term viability in community services.
Frequently Asked Questions
What is FIDO AI's main focus?
FIDO AI primarily focuses on leveraging AI technology to enhance water management and reduce non-revenue water globally.
Who led the Series B funding for FIDO AI?
The Series B funding round was led by CRH Ventures.
What impact does FIDO AI expect from the new investment?
The investment will help FIDO AI accelerate its growth in water management and explore strategic opportunities in adjacent markets.
Which companies are utilizing FIDO Plus?
Notable companies like Microsoft are incorporating FIDO Plus into their global water stewardship initiatives.
Where does FIDO AI operate?
FIDO AI operates on five continents, with offices located in both the UK and the US.
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