Fero Labs, a New York-based AI-driven manufacturing process optimization software company, raised $15M in funding.
The round, which brought the total amount to $30M, was led by Climate Investment (‘CI’, formerly OGCI Climate Investments), with participation from investors Blackhorn Ventures, Innovation Endeavors, and DI Technology. Felicity O’Kelly, Investment Principal at CI, joined Fero Labs’ Board of Directors alongside CI’s Technology Director, Rick Cutright, who has joined as an observer.
The company intends to use the funds to support its white-box artificial intelligence (AI) and deployments of new features that drive real-time emissions reduction for steel, cement, chemical sectors.
Led by CEO Berk Birand, Fero Labs makes process optimization software that is empowering the next phase of industrial manufacturing. It aligns with manufacturers to increase profitability and sustainability at the same time. Since launching in 2015, the software has provided plant operators, with no data science background, access to insights, enabling them to understand the root cause of any issue and deploy updates to ensure their plants operate sustainably and at peak performance.
To date, Fero Labs’ software has uncovered upwards of $20M in savings for customers including Covestro, Gerdau and CELSA Nordic and reduced more than 100,000 tons of carbon emissions.
FinSMEs
21/06/2023