Axiom Cloud Closes $5 Million in Funding to Accelerate Deployment of Refrigerant Leak Detection Software

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Feb 27, 2024, 08:57 ET

Toshiba Tec and WindSail Capital Lead Round to Accelerate Growth in the Face of New EPA Regulations for HFC Emissions

SAN JOSE, Feb. 27, 2024 /PRNewswire/ -- Axiom Cloud, announced today that it closed $5 million in funding from Toshiba Tec and Windsail Capital Group. This funding aims to accelerate the deployment of the company's AI-powered "Early Leak Detection" (ELD) module, which detects refrigerant leaks earlier without requiring any new onsite hardware or sensors. Axiom Cloud's technology and services will be especially vital as facilities move to comply with recently-announced EPA regulations outlined in the American Innovation and Manufacturing (AIM) Ac t, which restrict commercial emissions of Hydrofluorocarbons (HFCs) through refrigerant leaks and other sources.

"This is our industry's moment to make a big dent in climate change," said Amrit Robbins, CEO and Co-Founder of Axiom Cloud."The EPA recognizes that refrigerant leaks are accelerating climate change as typical refrigerants have a global warming potential (GWP) ~3,000 times greater than carbon dioxide. The AIM Act addresses this problem head-on. Axiom's proven leak-detection solution is listed by both the EPA and the California Air Resources Board (CARB), its best-in-class performance has been proven across hundreds of facilities, and it can be deployed rapidly across thousands of sites without the need for expensive hardware retrofits, all while generating a great ROI."

Subsection (h) of the AIM act, "Management of Regulated Substances," announced in October 2023, mandates that the approximately 20,000 U.S. facilities must install Automatic Leak Detection (ALD) systems in commercial refrigeration appliances within 12 months after the final rule goes into effect. The AIM act has been called "the single-most effective climate action taken in the US" in part because it aims to cut HFC production and consumption by 85% over the next 15 years.

"There is a growing need for companies across all industries and sectors, including our customers in retail, to adopt innovative technologies to remain in compliance and achieve our collective sustainability goals," said the Toshiba Tec team. "Axiom Cloud can help retailers reduce costs and improve operational efficiency, which we believe can benefit our customers significantly. Through our partnership with Axiom Cloud and leveraging our assets in the distribution and retail sector, Toshiba Tech aims to promote collaborative business initiatives that realize a sustainable society."

"WindSail is excited to partner with the Axiom Cloud team as they lead the transition in the retail grocery sector away from outdated modes of refrigeration," said Matthew O'Rourke, Managing Director at WindSail Capital Group. "We believe Axiom Cloud's technology can deliver reductions in emissions and help drive the energy transition while delivering strong financial returns and a seamless experience to its customers."

Axiom Cloud is recognized by the EPA as one of ten compliant ALD system providers, and as one of only three of those companies offering indirect leak detection that don't require the installation and maintenance of sensors on refrigeration equipment. Axiom's Early Leak Detection (ELD) seamlessly integrates into existing refrigeration control systems, providing cost-effective solutions that minimize disruption while offering early leak detection and insights into system performance and energy efficiency.

Unlike traditional methods that rely on periodic manual leak checks, Axiom's Cloud's system delivers detailed notifications in real time. Axiom's platform minimizes false positives and optimizes leak detection efficiency through personalized algorithm adjustments in collaboration with partners. This approach fulfills regulatory requirements and offers a cost-effective, rapid deployment solution for facilities aiming to mitigate environmental impact, leading to a significant reduction in leak rates and scope 1 greenhouse gas emissions.

About Axiom Cloud:
Axiom Cloud uses AI and automation to transform how the world's cooling systems are powered, operated, and maintained, in order to generate significant climate and financial impact. Axiom's team of refrigeration experts, data scientists, energy nerds, and software developers solves retail grocery's biggest energy and maintenance challenges by layering intelligence onto their existing refrigeration systems. www.axiomcloud.ai.

About Toshiba Tec:
Toshiba Tec Corporation supports workstyle reform in various workplaces, such as retail industries and offices, by keeping with customer centric approach on a global scale under its corporate philosophy – "Create with You" – Keeping our customers in mind all the time and everywhere. The Toshiba Tec Group aims to become "A global top solutions partner" through co-creation of new values and solutions to resolve social issues with its customers and partners while leveraging its globally developed sales and service networks. https://www.toshibatec.com/.

About WindSail Capital Group:
WindSail Capital Group is a Boston-based investment firm that provides growth capital to early-stage commercial businesses advancing energy and climate solutions. WindSail aligns with entrepreneurs to offer creative capital solutions that meet their specific needs while facilitating growth and minimizing dilution. https://www.windsailcapital.com.

Contact:
Emily Torrans
Mahoney Communications Group
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212-220-6678

SOURCE Axiom Cloud