Oxford, UK: FIDO AI Ltd – the software company helping to rapidly improve global water resilience using AI-led non-revenue water (NRW) reduction and curated water data insights – announced that it has raised Series B funding required to further scale its business. The investment round was led by CRH Ventures, the venture capital unit of CRH, a leading provider of building materials solutions. CRH Ventures joins FIDO’s existing investors SKion Water GmbH, Emerald Technology Ventures and others.
The new funding will enable FIDO AI’s management team to accelerate their continued commercial success in global water management and corporate water stewardship and to pursue additional strategic opportunities in adjacent building, equipment and infrastructure delivery markets.
FIDO CEO Victoria Edwards said: “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 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.”
FIDO’s unique 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 US, enables corporates to support the deployment of FIDO’s AI on local utility networks where it is used to prioritize, 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 recognized 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.
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