Sustainability AI tech startup QiO Technologies has raised £8m ($10m) to help energy-intensive businesses reduce greenhouse gas emissions and energy costs.

QiO Technologies, an AI sustainability tech start-up, has closed a £8m ($10m) in Series B funding from Wave Equity Partners.

The Hampshire-based company will use this funding to expand its operations in USA and Europe, enhance the capabilities of its Foresight Sustainability Suite, and accelerate customer acquisition in sectors which face the biggest challenges in achieving net zero GHG emissions.

Rick Haythornthwaite, co-founder and chairman of QiO Technologies, said: “Energy-intensive industries and data centres have a crucial role to play in achieving a low-carbon economy.

“Our mission is for QiO to be the partner of choice for businesses that want to take decisive action today to accelerate their progress to net zero.

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“With our proven technology, demonstrable track record of delivering energy and GHG emissions savings, and this Series B funding, QiO is well-placed to support energy intensive businesses as they come under greater scrutiny from customers, investors, regulators and governments to deliver on net zero targets.”

Mark Robinson, co-founder and managing partner of Wave Equity Partners, said: “The companies we invest in are responsible for developing innovations that lead us toward a healthier, more hospitable planet.

“QiO has built the market leading innovative Foresight Sustainability Suite that uses the power of AI to solve environmental challenges on a global scale.

“We are excited to partner with QiO to support their ambition to contribute substantially to overcoming the challenges of climate change.”

Energy-intensive industries contribute 24.2 per cent of global GHG emissions each year.

QiO estimates its products could deliver up to 10 per cent of the total GHG reduction required to meet the 2030 Paris Agreement goal for limiting global temperature rises to 1.5-2°C.

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QiO developed its Foresight Sustainability Suite in response to the difficulties faced by industry in leveraging large, disparate sources of operational data to reduce GHG emissions and improve operational efficiency.

By applying its AI optimization technology in sectors ranging from automotive, steel, glass, cement, oil and gas, data centres and telecoms, Foresight Sustainability Suite has delivered up to 20 per cent savings on energy and maintenance costs.

QiO Technologies is based in Farnborough, with engineering and delivery teams in India supporting customers across the globe.

WAVE Equity Partners is a Boston-based private equity firm.