EdenBase Closes Investment in Net Zero Intelligence Company Faradai.ai
Following an exacting and hard fought competition last year which was jointly won by the London-based company Faradai - focused on saving energy, carbon reporting and increasing the sustainability of enterprises with end-to-end intelligence.
EdenBase is now the lead investor in Faradai’s recently completed Pre-Series A funding round of $2.4 million, and in addition to the investment they will now join the EdenBase hub in London.
The Faradai team pictured with the EdenBase founders at the London hub
The funding was raised to expand carbon and energy analytics solutions globally and to further develop Faradai’s Net Zero software offering with AI and IoT-powered tools.
Bill Tai (serial early-stage investor in companies such as Zoom, Canva, Wish etc.) participated in the round via his Silicon Valley-based ACTAI Ventures and Switzerland-based fund Sangha Capital. UK-based Proptech fund Goldacre and Singapore-based technology fund EthAum Ventures also participated, together with additional funding from multiple private investors working in organisations such as Goldman Sachs UK, alongside angel investors from the UAE, Turkiye, and India.
Eric Van der Kleij, Co-Founder of EdenBase, said: “When we first discovered Faradai during the EdenBase Investment Competition, we believed their proposition in the energy and sustainability sector was a particularly good idea. Over the last 2 years, this has become of critical importance to any enterprise. We are delighted with the way the team have embraced the potential of frontier technologies to improve their offering even further.”
Co-Founder of Faradai, Sahin Caglayan, said: “Working with EdenBase allowed Faradai to reimagine our potential by carefully embedding exponential technologies to the core of our business model and enabling greater network effect to create an even more ambitious product positioning.“
He went on to say, “EdenBase’s supergrowth program framework is a lens through which early-stage companies can contextualise all the technological change and opportunities in their domain as well as other cross-sectional domains. This framework gives us an asymmetric advantage over competitors, to 100X our vision and impact. We are excited to have EdenBase as the lead investor in our Pre-Series A round.”
Notes for Editors:
Faradai Platform as an End-to-End Digital Net Zero Navigator
Faradai provides enterprise software to measure, analyse and report energy and carbon emissions. The Platform also supports clients in reducing emissions and cutting costs. Currently reporting data from more than 18000 sites in 16 countries worldwide, Faradai’s platform is used by many of the world’s largest companies such as Shell, IKEA, PepsiCo, Vodafone, M&S, MediaMarkt, BBVA, BNP Paribas, QNB, Sephora, GAP, Bank Audi, Delivery Hero, SOCAR, and DHL. These companies use Faradai to collect, store, analyse and report their carbon emission and energy data effectively, helping them to make savings, comply with legislation, and navigate their net zero journeys. Over 55M tonnes of carbon emissions were monitored and reported by Faradai’s cloud-based, market-leading Net Zero Intelligence Platform last year.
The Faradai Platform consolidates environmental, operational and financial data from departments, facilities and companies’ entire value chain. Not only does Faradai help organisations reach net zero following the Science Based Targets Initiative’s and GHG Emission Standards guidelines, but it also helps deploy decarbonisation projects. The Faradai Platform monitors the ongoing project ROI and performance with IoT-powered, data-driven energy intelligence.
Reaching Net Zero is just a Fantasy Without Real-Time Data Intelligence
Faradai founders Sahin Caglayan, Burak Sefer and Utku Simitli, state their mission as driving climate action through data and insight. They believe “energy is the new Internet, “AI is the new Electricity,’’ and “Sustainability is the new Digital.”
“Many organisations have committed to net zero targets, with many others seriously looking at how they can improve the sustainability of their business and operations. However, setting targets is only the first step. Constructing a credible and achievable plan for monitoring, reducing, or eliminating Scope 1, 2 & 3 emissions is a huge challenge for even the largest organisations. With Faradai’s real-time AI-powered prediction engine and IoT-powered data acquisition capabilities, Faradai provides science-based methodologies to define an actionable pathway of decarbonisation activities and achieve its customers’ net zero ambitions.’’
For the expansion plans and further uses of the funds, Co-Founder & CEO Sahin Caglayan stated, “This funding will allow us to accelerate the advancement of our Net Zero Intelligence Platform, expand our sustainability subject matter expertise through specialists and data scientists, and allow us to expand faster internationally, particularly in the UK, Europe, MENA and APAC regions.”
About Faradai
As an academy spin-off company, Faradai got its first investment from US-based impact fund Capria Ventures in 2017 and commercialised its enterprise software platform. Faradai has performed multiple European Union FP7 and Horizon 2020 granted R&D projects to develop the IP and technology base of the platform.
Faradai has established strategic partnerships with Cisco, Oracle, Atalian Global Services, ISS & Tech Data to provide joint product and service offerings. As of November 2022, Faradai has 150+ enterprise customers.
Currently employing 80 team members in 5 country offices (London, Singapore, Istanbul, Dubai, and Madrid), Faradai has been nominated by Digital Europe as one of the Future Unicorns and announced by Microsoft CEO Satya Nadella as one of the most impactful startups in the EMEA region.
About the EdenBase Competition
The first EdenBase startup competition reached a global audience who applied to be considered to receive investment from the EdenBase fund and to join and benefit from the ecosystem. An expert panel of judges evaluated the applications, assessing the team, product, and market opportunity for each submission to identify the Top 20 Semi-Finalists. After a Base Camp Week, which included content sessions and interviews with the EdenBase Team and Competition Judges, the Top 12 finalists were announced and two winners have been selected to receive funding and to work with the EdenBase team at their London hub.
About EdenBase
EdenBase is a fund, hub and ecosystem supercharging the next set of Game Changers, powered by Frontier Technologies. By building a community and ecosystem, EdenBase supports portfolio companies to deliver responsible growth and valued impact to create a better future. EQAL is a division of EdenBase operating within the EdenBase Hubs and ecosystem.
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