Fero Labs, an AI-driven manufacturing process optimization software company, has secured funding to develop white-box AI technology to make factories greener. The technology can be developed quickly and without upfront investment, enabling businesses to cut emissions and measure their impact with simple dashboards. As a result, businesses can start cutting emissions right away and measure those reductions more precisely with simple-to-read dashboards and data. The route toward sustainability must include tangible evidence of impact.
Fero Labs offers plant operators with limited data science background powerful insights to understand root causes and deploy updates for sustainable and peak performance. Their white-box AI provides users with trustworthiness in predictions, reducing industrial emissions in high-emitting sectors.
Today, the manufacturing industry accounts for 25% of global carbon emissions, two-thirds of which come from steel, cement, and chemicals. Fero Labs works with some of the largest global players in these sectors, using AI to help their engineers make more efficient production decisions. To date, Fero Labs’ software has uncovered upwards of $20M in savings for customers including Covestro, Gerdau and CELSA Nordic and reduced more than 100,000 tons of carbon emissions. With this new funding, the company plans to deploy new sustainability features that will accelerate commercialization across key industries, with the internal goal of reducing at least 800,000 tons of emissions by 2025.
Fero tripled its revenue and customer base in 2022, targeting sectors like steel, cement, chemical, energy, and food. Investment Principal Felicity O'Kelly at Climate Investment (CI) is excited to support Fero Labs' growth, stating that their white-box algorithm approach engenders confidence even at the operator level.
The company’s $15 million growth round was led by CI with additional participation from investors Blackhorn Ventures, Innovation Endeavors, and DI Technology. This round brings Fero Labs’ total funding to date to $30 million.
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