After closing a $5.5 million series A funding round, environmenttech start-up Virridy is set to expand its offering across Africa and North America. The start-up says it will accelerate the development of “satellite-connected sensors for managing water, energy, and agricultural resources.”
The funding round was led by Accord Capital, with participation from existing investors FHI 360, Cleo Capital, Reverent Rock, Save Earth, and VertueLab. In addition to the funding, Virridy has rebranded from SweetSense to reflect its commitment to enabling high-quality environmental commodities.
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“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 helps farmers beat climate change
The funding round comes as climate change continues to accelerate global environmental damage and economic stress. Two billion people across the world currently live with chronic high water stress, one-third of agricultural soils globally are degraded, and two billion people face food insecurity.
Virridy is also working with The Freshwater Trust and Wexus Technologies to help farmers in the drought-prone Western United States monitor and better manage groundwater pumping and consumption while earning revenue through energy savings 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.”