Axiom Cloud Raises $2.5 Million from Momenta Ventures, Leadout Capital, Vela Partners, and Lorimer Ventures
Axiom Cloud, a company that develops software solutions to solve commercial refrigeration’s biggest energy and maintenance problems, announced that it has raised over $2.5 Million from Momenta Ventures, Leadout Capital, Vela Partners, Lorimer Ventures, and others. The funding will primarily be used to grow Axiom Cloud’s team to make its offerings more scalable, while simultaneously fulfilling its backlog of orders from grocery chains and cold storage companies. The funding will also be used to develop new controller integrations, which will allow Axiom to provide its “apps for refrigeration” to an even broader set of customers.
“While solar panels, wind turbines, and batteries were the first wave of intelligent assets to be connected to the power grid, the next wave will be large energy consumers like refrigeration and HVAC equipment,” said Lee Carter, Principal Partner of Momenta. “Digitizing existing refrigeration systems, which may account for up to 70% of a supermarket’s total energy consumption, will provide a significant opportunity for building owners to lower energy costs and overhaul their maintenance workflows.”
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Axiom Cloud’s three apps, Facilities Analyzer, Virtual Technician, and Virtual Battery, all address one or more of the largest problems plaguing the commercial refrigeration industry. These problems include rising energy costs, a shortage of qualified refrigeration technicians, refrigerant compliance requirements, and supply chain constraints that make emergency equipment replacements extremely challenging. Axiom Cloud believes these problems can be diminished with better utilization of the hundreds of data streams being generated by the average commercial refrigeration system.
“The commercial refrigeration industry is both massive and vastly underserved by great software innovation,” said Steve Brownlie, General Partner at Leadout Capital. “The energy and maintenance costs for a large commercial refrigeration system can and often do exceed net profits for their operators. The team at Axiom Cloud has built a suite of solutions for the ecosystem, including cloud analytics and machine learning products that we believe will unlock incredible value from both an economic and a sustainability perspective for the industry.”
Axiom Cloud currently provides its apps to several leading grocers, including Whole Foods and Grocery Outlet. With this funding, Axiom will be able to expand to more facilities for these customers and many others.
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“As a relatively young company, deployment speed and the operational scalability have been challenges for us as more and more customers subscribe to our apps,” said Amrit Robbins, CEO of Axiom Cloud. “We’re looking forward to working with this great set of investors to learn from their experiences as we work to transform the refrigeration industry and move the needle on climate change.”
In addition to reducing operational costs, Axiom’s apps can significantly reduce a facilities’ Scope 1 and 2 greenhouse gas emissions by transforming refrigeration systems into more flexible energy consumers and reducing the prevalence of HFC refrigerant leaks.
“We see Axiom Cloud as a precise fit to enable the much-needed digital transformation of grocery refrigeration, and their large number of successful deployments at customer sites strengthens our conviction,” said Yigit Ihlamur, Co-founder and General Partner at Vela Partners. “Axiom Cloud is on a mission to make the world’s cooling systems sustainable, and we are proud to be part of this journey.”
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