With $8M in hand, Pani aims to scale up AI solutions for water treatment facilities
The funding will enable Pani to accelerate the adoption of its software and improve clean water yields and reduce costs, risks and emissions at facilities globally.
Victoria’s Pani, which develops software that helps water treatment facilities optimize operations, closed $8 million in funding co-led by Blue Bear Capital and Blue Coast Partners, along with participation from Mazarine Ventures and Humanitas. In addition, Sustainable Development Technology Canada (SDTC) and other undisclosed government agencies also contributed funds.
Why it matters: Water treatment is a multi-trillion dollar industry, and one of the most important drivers of sustainable development, yet in many ways, it has been slow to see effective AI solutions. This funding will enable Pani to accelerate the adoption of its software and improve clean water yields and reduce costs, risks and emissions at facilities globally.
Diving into the details: Since 2017, Pani has been developing a proprietary data-driven platform that helps water treatment facilities improve yield and reduce energy and materials costs while using only a plant's existing systems and existing sensor data.
The company uses a simple integration to implement digital twin simulations of facilities while leveraging advanced analytics to then make efficiency improvements. Ultimately, the firm's product, what it calls its AI Coach, provides key actionable insights, like how to reduce water and energy use or when to conduct maintenance.
Riding a wave of progress: “We've had an incredible year, and we've been able to demonstrate to several players in the global water treatment market that our solution can easily realize production improvement and efficiency gains in this industry," said CEO Devesh Bharadwaj, who was named to the BCBusiness 30 Under 30 in 2020. “With this new funding round, we are able to scale up our reach in order to help thousands of treatment facilities become more efficient, ultimately reducing their operational expenses, reducing downtime, decreasing energy requirements, and reducing overall greenhouse gas (GHG) emissions across the entire industry.”
Wind in their sales: “We at Blue Bear are excited to help Pani scale their impact globally,” said Ernst Sack, founder and partner at Blue Bear Capital, in a statement.
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