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UK-based concrete management and decarbonisation tech specialist Converge has raised $22m in a round led by ABN AMRO, with participation from existing investors (including Climate Investment, TO Ventures, Force Over Mass Capital), alongside new investors Move Energy, PI Impact, J-Impact and others.
Converge’s ConcreteDNA platform leverages AI models and proprietary sensor data to track and simulate concrete performance, optimise mix designs, and minimise inefficiencies in its use – saving time and reducing carbon emissions. Construction and the built environment is responsible for approximately 4.4% of global emissions (according to a 2019 report by Health Care Without Harm, in collaboration with Arup).
Upcoming research from TechMarketView’s Sustainability Technology Activity Index shows that sustainability activity in the Construction and Real Estate sector accounts for 8.4% of the UK total (higher than the global figure of 6.9%), largely on account of the country’s “Sustainable, smart cities” initiatives (incidentally, a use case area with a higher UK showing compared to its worldwide showing too: 8.6% UK vs. 7.8% globally).
Converge plans to use the funding to accelerate the development of ConcreteDNA and accelerate the adoption of low-carbon tech across the Construction industry.
Look out for the latest Sustainability Technology Activity Index reports, coming soon – with in-depth analysis of the global picture (segmented by sector, use case area, and technology) and what the activity trends are telling us in uncertain times, plus deep dives into the UK market specifically. This research is available only to subscribers of SustainabilityViews. If you are not yet a subscriber, or are unsure if your company has a subscription, please contact Belinda Tewson to find out how you can gain access.
Posted by: Craig Wentworth at 09:36
Tags:
funding
decarbonisation
construction & real estate
built environment