Exclusive: Converge raises $22M for concrete sensor
Converge, a concrete sensor and AI startup, has closed $22 million in the second tranche of a Series A round, the company tells Axios.
Why it matters: AI-related climate firms are still getting funding as VC investment in the sector cools.
Zoom in: A sustainability-focused fund of Dutch bank ABN Amro led the round.
Participating investors included Climate Investment, Move Energy, Pi Impact, J-Impact, and existing investors TO Ventures and Force Over Mass Capital.
The company plans to use the round to sell more of its sensors and software to builders, as well as continue to develop its AI product, said Converge CEO Raphael Scheps.
Scheps says the tech is being used across "thousands of job sites," and hyperscalers have expressed interest in it.
How it works: Converge makes a sensor that contractors can embed in concrete pours, which can deliver data about performance, temperature and strength.
The sensor data can determine when pours harden, and how concrete is performing under different conditions.
The company also has an AI product that can determine what types of concrete mixes would be best for different projects.
Converge can help building projects lower carbon emissions from concrete by 20% to 40%, says Scheps. Builders can use Converge's AI to select mixes with less concrete and also test out greener concrete products.
Zoom out: The building materials industry is a tricky sector to decarbonize, as construction companies are naturally risk-averse and slow-moving.
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