Ndustrial Raises $18.5 Million for AI-Powered Industrial Energy Optimization Solution
Industrial energy optimization technology company Ndustrial, announced that it has raised $18.5 million at the initial close of its Series B funding round, with proceeds from the financing to be used to support the company’s growth, and its solutions to drive down energy intensity at industrial facilities.
The funding round was led by electrification and technology company ABB and South Korean energy-focused company GS Energy, with Ndustrial also announcing that it will partner with ABB and GS Energy to offer its energy intensity solutions to industrial companies.
Stuart Thompson, President, ABB Electrification Service said:
“Championing sustainability and guiding customers to achieve net zero carbon is at the core of what we do. Under this agreement, ABB is adding Ndustrial to our ecosystem of innovative, nimble partners to co-develop advancements in digital solutions to complement our portfolio and enhance the availability, resilience, safety and sustainability of energy for customers.”
Founded in 2015, North Carolina-based Ndustrial provides solutions aimed at helping industrial customers optimize energy consumption, reduce costs and support decarbonization. The company’s platform uses AI to integrate more than 60 hard-to-access production and energy data sources from nearly any industrial system, including production ERP, warehouse management, and other energy management systems, to give customers a real-time understanding of energy intensity. Manufacturers can use this technology to manage the amount of energy expended on a unit of production.
Ndustrial’s dashboard lets manufacturers track data on specific facilities and production lines. It enables active load management behind the meter, optimizes production, and enables next-generation carbon intensity measurement and verification. Ndustrial said it is the only company to provide activity-driven Scope 3 carbon emissions data rather than algorithmic approximations.
According to Ndustrial, the company’s technology has helped global industrial sites to directly avoid over $100 million in direct energy spend.
Jason Massey Founder & CEO at Ndustrial said:
“Ndustrial’s production-aware technology empowers industrial leaders to finally wrap their arms around their data in real-time, understand the relationships between production cycles and energy use, report Scope 3 emissions and take action immediately.”