Kuva Systems announces $11.3mn series a investment to accelerate greenhouse gas reductions
Cambridge, Mass, United States. 25 January 2023 – Kuva Systems, an Industrial IoT Platform using image based continuous monitoring of methane emissions for the oil and gas industry, has announced the closing of its $11.3 million (€10.29 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 great amount of carbon reductions in the shortest period of time, and co-led by existing investor Draeger, an international provider 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 and does not provide false alerts,” says 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,” says 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 rootcause analysis of complex process problems resulting in hard-to-analyse intermittent emissions”, says 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”.
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