A software company helping to rapidly improve global water resilience has raised an undisclosed amount of Series B investment.
FIDO AI, based in Oxford, is a pioneer in non-revenue water reduction and curated water data insights. It won the KPMG Private Enterprise top Tech Innovator UK competition in 2021.
FIDO’s volumetric AI has become a leading technology in the field of smart water management since its development in 2019. As well as providing unparalleled data insight on the presence, size and accurate location of hidden water leaks using acoustic analysis, FIDO’s AI is increasingly being used for broader watershed level management, including proactive maintenance, and, through its FIDO Plus offering, for collaborative corporate water replenishment programs.
The FIDO Plus innovative corporate water stewardship model, in collaboration with Oldcastle Infrastructure in the United States, enables corporates to support the deployment of FIDO’s AI on local utility networks where it is used to prioritise, verify and monitor the rapid repair of large leaks.
The volume of water thus saved is validated using volumetric water benefit (VWB) accounting, a methodology for valuing water stewardship activities which is recognised by the Alliance for Water Stewardship (AWS). Saved water contributes immediately to water availability through watershed replenishment and can be claimed as a VWB against corporate environmental, social and governance goals.
Microsoft is one of a growing number of multinational companies using FIDO Plus as a key part of their global water stewardship programs, with projects in London, Mexico and the Colorado river basin.
The investment round was led by CRH Ventures, the venture capital unit of CRH – a provider of building materials solutions – which joins SKion Water GmbH and Emerald Technology Ventures as investors in the company.
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The new funding will allow it to pursue additional strategic opportunities in adjacent building, equipment and infrastructure delivery markets.
“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,” said CEO Victoria Edwards.
“This investment not only secures our company’s future, but it will also allow us to grow at scale in markets we could not easily have reached and to really fulfil our mission of creating a world without water scarcity.
“The strong strategic relationship with CRH is fundamentally the right one for FIDO. It places us in the right market ecosystem to position FIDO AI as the world’s go-to smart solution for water resilience and water stewardship across infrastructure build, maintenance, management and sustainability reporting.”
Eduardo Gomez, head of CRH Ventures, said: “This investment underscores our commitment to scaling the most promising and cutting-edge innovative technologies. FIDO’s AI technology aligns seamlessly with CRH’s focus on developing innovative and sustainable solutions for the built environment.
“We look forward to strengthening our existing partnership, particularly through Oldcastle Infrastructure, our US-based water infrastructure business, to drive transformative impact in water management.”