Virridy, an environmenttech company, has raised $5.5 million in series A funding. Now the company is looking to expand its offerings into Africa and North America. The start-up says it will accelerate the development of “satellite-connected sensors for managing water, energy, and agricultural resources.”
Accord Capital was the lead investor in this round. Other investors included FHI 360, Cleo Capital and Reverent Rock. Save Earth was also represented by VertueLab. Virridy was also funded. rebranded from SweetSense to reflect its commitment towards enabling high-quality environmentally friendly commodities
“In Kenya and Ethiopia, Virridy’s low-cost, satellite-linked sensors monitor water boreholes, enabling government agencies responsible for maintenance to effectively deploy resources to minimize borehole downtime to ensure communities have consistent access to well water for livestock and crops,” says the company in a media release.
“Partnering with organisations including the National Science Foundation, USAID, the World Bank, NASA, the Millennium Water Alliance, and Swarm Technologies, Virridy is monitoring the water supply of more than four million people to help maintain consistent supplies.”
Virridy supports farmers in overcoming climate change
The funding round is coming as climate change continues its acceleration of global environmental destruction and economic stress. Two billion people live in chronic high water stress and one-third worldwide are suffering from degraded agricultural soils. There is also food insecurity for two billion.
Virridy works also with The Freshwater Trust & Wexus Technologies to help farmers in drought-prone Western United States better manage groundwater consumption and pumping. Virridy will also earn revenue through energy efficiency and automated demand response.
“We are excited that Virridy is enabling environmental markets, including carbon credits, energy incentives, and water permitting through our sensors and analytics. Our team was the first to bring to market carbon financing for water treatment 15 years ago, and are now supporting these markets at scale for water access and conservation, soil carbon, and energy conservation,” said Dr Evan Thomas, Virridy founder and chief executive.
“Accord is excited to partner with Virridy to support its continued growth and innovation,” said Chris Lackner, managing director at Accord Capital. “We believe the management team’s significant collective backgrounds will enable Virridy to become the leading sensor and data provider in environmental resource monitoring.”