In October Pani Energy completed an oversubscribed funding round of $8-milion that will see the company extend its reach to thousands of water treatment plants.
Industrial water efficiency has been called an invisible solution to the climate emergency. Pani uses cloud-based artificial intelligence (AI) to optimize desalination, water and wastewater treatment plants worldwide, reducing operating expenses, reducing downtime, decreasing energy requirements and reducing overall greenhouse gas (GHG) emissions across the entire industry.
“We’ve had an incredible year, and we’ve been able to demonstrate to several players in the global water treatment market that our solution can easily realize production improvement and efficiency gains in this industry,” said CEO Devesh Bharadwaj.
The company’s current platform operates on a multi-tiered subscription model applicable to water treatment facilities at all levels of digital maturity. The funding will help Pani, a 2019 Douglas 10 to Watch winner, to globally scale direct sales reach as well as help attract distribution partners in the water industry.
Funds include a seed equity round co-led by Blue Bear Capital and Blue Coast Partners, along with participation from Mazarine Ventures and Humanitas Smart Planet Fund, as well as contributions from Sustainable Development Technology Canada (SDTC) and other government agencies.
Blue Bear Capital, a California firm that invests in high-growth AI technology companies across energy, infrastructure, and climate industries, also joins Pani’s board as part of the financing.
“Water treatment is a multi-trillion dollar industry, and one of the most important drivers of sustainable development, yet it has been slow to see effective AI solutions,” says Ernst Sack, founder and partner at Blue Bear Capital.