Kuva Systems, an industrial IoT platform utilising image-based continuous monitoring of methane emissions for the oil and gas industry, has completed its $11.3 million Series A financing round. The proceeds will accelerate the growth of its Gas Cloud Imaging platform, which oil and gas companies in North America use to find, fix, and prevent methane super-emitters and accelerate the reduction of methane emissions.
The round is led by Climate Innovation Capital, a fund that invests in climate technologies and businesses poised to deliver the most carbon reductions in the shortest amount of time and co-led by existing investor Draeger, a global leader in safety and medical technology. In addition to Launchpad Ventures and Clean Energy Venture Group, additional existing investors participated in this round.
More than 20 oil and gas operators in the United States use Kuva’s platform. Methane-intensity commitments of the oil and gas industry, the emergence of certified differentiated gas, stronger regulations, the Inflation Reduction Act, and the methane fee position the platform for rapid adoption.
“Methane is an invisible gas – customers love the Kuva solution because it is intuitive to use, comprehensive and does not provide false alerts,” said Stefan Bokaemper, CEO of Kuva Systems. “Customers are informed as soon as a problem happens, they can pinpoint remotely at what specific equipment and when the problem occurred and how much gas was released.”
“Methane emissions are a climate risk multiplier,” said Paul Atkinson, Managing Partner at Climate Innovation Capital. “We see tremendous opportunity for Kuva’s end-to-end platform to enable oil and gas companies to detect and mitigate methane emissions quickly and cost-effectively”.
“Image based detection enables companies to conduct root-cause analysis of complex process problems resulting in hard-to-analyse intermittent emissions”, said Bernhard Mohr, Vice President Process Industries, Draeger Safety. “Kuva’s ability to integrate with process systems of the oil and gas industry is a major differentiator of the solution”.