Axiom Cloud today announced its $7.4 million Series A funding led by Blue Bear Capital. After large-scale rollouts at major North American grocery chains and cold storage operators, Axiom increased its Series A to prepare for the next phase of growth. Axiom will use the funding to scale its software, operations, and sales teams to meet increasing market demand for its cooling software. In total, Axiom Cloud has raised approximately $11.6 million since its inception in 2020.
“We’ve followed Axiom Cloud’s management for years and have seen how their AI cooling technology has had an outsized impact, significantly reducing power consumption and refrigerant leaks, improving margins, and turning everyday cooling infrastructure into virtual batteries,” said Ernst Sack, Partner at Blue Bear Capital and board member of Axiom Cloud. “2023 looks good for companies like Axiom, which can help retailers and supply chain companies reduce costs, improve uptime, avoid labor shortages and reduce their environmental footprint – all with an incredible ROI in the first year.”
The round included existing investors Leadout Capital, Momenta Ventures, Ulu Ventures, Powerhouse Ventures, and Vela Partners. New investors included Frontier VC, Artifact Capital, and others.
“In low-margin businesses like grocery stores and cold storage, refrigeration is basically the whole ball game of energy, maintenance, uptime, and sustainability, and there are many opportunities for improvement,” said Amrit Robbins, CEO, and co-founder of Axiom Cloud. “We’ve figured out how to solve many of our customers’ toughest problems using software-enabled services, and we’re just getting started.”
Axiom Cloud’s approach combines real-world refrigeration experience with expertise in cloud analytics, thermophysical modelling, AI, and automation. Currently, its subscription-based services can be deployed in more than 100 locations per week and customers are cash-flow positive in the first year. Axiom has also helped clients take advantage of utility incentives and benefit from multi-state demand response programs.
Axiom’s Facility Analyzer app provides enterprise visibility and analytics for multi-site centralized cooling fleets. The Virtual Technician app provides predictive maintenance, early detection of refrigerant leaks, continuous energy commissioning, and autonomous actions to triage urgent issues. The Virtual Battery app uses software to turn frozen inventory (like ice cream and frozen peas) into a smart “thermal battery”. Axiom Cloud can deploy its apps in <1 day, delivers <1 year ROI, and helps customers save time in the first month of operation.
