Cambridge-based Kuva Systems, which uses short-wave infrared cameras to autonomously monitor methane emissions, announced Wednesday that it raised $11.3 million to scale its technology.
More than 20 oil and gas companies use Kuva’s IoT technology to fix and prevent methane leaks and to meet the methane emissions targets in their environmental, social and governance, or ESG, objectives. Once methane emissions are detected by Kuva’s cameras, the client is automatically alerted about the time, location and intensity of the methane leak.
“Methane is an invisible gas — customers love the Kuva solution because it is intuitive to use, comprehensive and does not provide false alerts,” Kuva CEO Stefan Bokaemper said in a statement. “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.”
The company said in a statement that its platform is likely to grow due to new regulations and the rising interest in certified differentiated gas.
The Series A financing round was co-led by Climate Innovation Capital and existing investor Draeger. Launchpad Ventures and Clean Energy Venture Group also participated in the round.
“Methane emissions are a climate risk multiplier,” Paul Atkinson, a managing partner at Climate Innovation Capital, said in a statement. “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.”
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