Phaidra, a Seattle-based startup that sells artificial intelligence tech to industrial clients, has closed a $25 million funding round, according to a release from the company.
The company, led by former members of the Alphabet Inc. subsidiary and research lab DeepMind Technologies, builds AI-powered tools for clients that build data centers, develop vaccines and run steel mills, among other industrial uses, in an effort to reduce emissions and make them more efficient. DeepMind co-founder Mustafa Suleyman was among those who invested in the round led by Starshot Capital.
"Technologies that enable companies to be more profitable and efficient while simultaneously reducing their emissions are critical to addressing the climate crisis," said Jeremy Brewer, managing partner of Starshot Capital, in a release. "We are delighted to support Phaidra as they transform the industrial sector."
Other investors included Helena, Ahren Innovation Capital, and existing investors Flying Fish, Section 32, and Character. A previous investor who wasn't included in this round was billionaire Mark Cuban, who participated in a $4 million round in May 2021.
Phaidra has raised $30.5 million over two seed rounds and the recent Series A.
The startup is also bringing its adviser Robert Locke on as president and chief strategy officer. For almost 14 years he was at automation giant Johnson Controls, most recently as senior vice president of corporate development. He worked closely with many of JCI's largest customers and led the creation of new businesses and JCI's corporate venture capital team.
"We started Phaidra to bring the benefits of this technology beyond the tech companies to the industrial sector," Phaidra CEO Jim Gao said in a release. "Robert's company-building expertise and the Series A raise will go a long way towards achieving our mission of radical resource efficiency."
