Ketos, a company that provides water management software that helps improve resource efficiency and water safety for water-intensive sectors, has closed a $9 million Series A round of financing; the company plans to use the financing to expand its team and accelerate global market penetration of its sensors and machine-learning analytics platform.
The Ketos smart water management platform helps civic customers – as well as users in industrial, agricultural, and commercial industries – reduce costs, minimize leaks and ensure water quality. The Ketos solution includes an advanced warming system that flags contaminants and heavy-metal toxins. It gives users insight on filtration or remediation action and helps manage crop yields efficiently. The platform also prompts users to repair pipes at the appropriate times based on predictive maintenance capabilities, which leads to significant operational savings, the company says.
In initial deployments, Ketos drastically reduced water-testing costs – saving millions of dollars per water treatment plant and reducing the cost of water sample testing by 90%, the company says. Fracking, mining, pollution, runoff, aging water infrastructures, pesticides, and fertilizers are just a few of the potential dangers to our water resources, Ketos points out.
The Series A financing comes from a collection of traditional venture capitalists, impact investors and industry leaders. New investors Broadway Angels and Plum Alley Ventures, as well as strategic angels from water.org, the semiconductor industry and an investor represented by Energy Innovation, joined existing investors Rethink Impact and Better Ventures in the round.
In 2016, a World Bank report found that good water management could lead to a 6% increase in global GDP by 2050, while bad management – or simply business as usual in some places – could reduce GDP by as much as 14% in the Middle East, 12% in the Sahel, and 11% in Central Asia. Poor water management and water policy could even lead to sustained declines in GDP in some places, via losses in agriculture, health, income, and property, the report said.