The round is led by Climate Innovation Capital and co-led by Draeger, with participation from existing investors.
CAMBRIDGE, Mass., Jan. 25, 2023 /CNW/ - Kuva Systems, the leading Industrial IoT Platform using image-based continuous monitoring of methane emissions for the oil and gas industry, today announced the closing of its $11.3 million Series A financing round. The proceeds from this round will be used to accelerate growth of its Gas Cloud Imaging platform, used by oil and gas companies in North America to find, fix and prevent methane super-emitters and accelerate the reduction of methane emissions.
The round is led by Climate Innovation Capital, a fund that invests in climate technologies and businesses that are poised to deliver the greatest amount of carbon reductions in the shortest period of time, and co-led by existing investor Draeger, an international leader in the fields of safety and medical technology. Other existing investors, including Launchpad Ventures and Clean Energy Venture Group participated in this round as well.
Kuva's platform is being used by more than 20 oil and gas operators in the United States. The platform is poised for rapid adoption due to methane-intensity commitments of the oil and gas industry, emergence of certified differentiated gas, stronger regulations, the inflation reduction act and the methane fee.
"Methane is an invisible gas - customers love the Kuva solution because it is intuitive to use, comprehensive and does not provide false alerts," said Stefan Bokaemper, CEO of Kuva Systems. "Customers are informed as soon as a problem happens, they can pinpoint remotely at what specific equipment and when the problem occurred and how much gas was released."
"Methane emissions are a climate risk multiplier," said Paul Atkinson, Managing Partner at Climate Innovation Capital. "We see tremendous opportunity for Kuva's end-to-end platform to enable oil and gas companies to detect and mitigate methane emissions quickly and cost-effectively".
"Image based detection enables companies to conduct root-cause analysis of complex process problems resulting in hard-to-analyze intermittent emissions", said Bernhard Mohr, Vice President, Process Industries, Draeger Safety. "Kuva's ability to integrate with process systems of the oil and gas industry is a major differentiator of the solution".
About Kuva Systems
Kuva Systems' industrial IoT platform provides an image-based, continuous methane monitoring and quantification solution. It enables upstream and midstream oil and gas companies to improve their operations and meet ESG and methane intensity goals. The Kuva platform is based on the most cost-effective IR gas camera in the industry, and it pinpoints emission locations and quantifies flow rates based on minute-by-minute measurements. Leak analytics can be used to prioritize operational responses, quantify ongoing conditions, and confirm nominal performance. For more information please visit www.kuvasystems.com
About Climate Innovation Capital
Climate Innovation Capital (ClimateIC) is a pure-play growth equity fund investing in innovative climate-tech solutions. Our purpose is to deliver superior risk-adjusted financial returns, while measurably decarbonizing the economy – in the shortest period of time. We target climate-tech innovations aligned with our thematic investing approach which is based on the IPCC's six sectors of the economy with the greatest potential impact for GHG reduction, replacement or removal. We leverage our broad network and our extensive experience as operators, climate advisors and investment professionals to partner with the leading climate-tech companies in North America and abroad. For more information please visit: www.climateic.com.
About Draeger. Technology for Life®
Draeger is an international leader in the fields of medical and safety technology. Our products protect, support, and save lives. Founded in 1889, Draeger generated revenues of around EUR 3.3 billion in 2021. The Draeger Group is currently present in over 190 countries and has more than 15,000 employees worldwide. Please visit www.draeger.com for more information.
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SOURCE Kuva Systems
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