Axiom Cloud today announced its $7.4M Series A financing led by Blue Bear Capital. Following large-scale rollouts with major North American grocery chains and cold storage warehouse operators, Axiom raised its Series A to prepare for its next phase of growth. Axiom will use the funding to scale its software, operations, and sales teams to meet accelerating market demand for its refrigeration software. In total, Axiom Cloud has raised approximately $11.6M since its inception in 2020.
“We have followed Axiom Cloud’s management for years and seen their refrigeration AI technology make an outsized impact, substantially lowering power use and refrigerant leaks, improving margins, and turning everyday cooling infrastructure into virtual batteries,” said Ernst Sack, Partner at Blue Bear Capital and Board Director of Axiom Cloud. “2023 looks bright for companies like Axiom that can help staple retailers and supply chain companies lower cost, improve uptime, withstand labor shortages, and reduce their environmental footprint – all with an incredible ROI in the first year.”
The round included existing investors Leadout Capital, Momenta Ventures, Ulu Ventures, Powerhouse Ventures, and Vela Partners. New investors included Frontier VC, Artifact Capital, and others.
“In low-margin businesses like grocery and cold storage, refrigeration is basically the whole ballgame for energy, maintenance, uptime, and sustainability, and there’s a lot of opportunity for improvement,” said Amrit Robbins, CEO and co-founder of Axiom Cloud. “We have figured out how to solve many of our customers’ hairiest problems using software-enabled services, and we are just getting started.”
Axiom Cloud’s approach combines real-world refrigeration experience with expertise in cloud analytics, thermophysical modeling, AI, and automation. Currently, its subscription-based services can be deployed to 100+ sites per week, and customers achieve positive cash flow in the first year. Axiom has also helped its customers leverage utility incentives and benefit from demand response programs in multiple states.
Axiom’s Facilities Analyzer app provides enterprise visibility and analytics for fleets of central refrigeration systems across many sites. The Virtual Technician app provides predictive maintenance, early refrigerant leak detection, continuous energy commissioning, and autonomous actions to triage urgent issues. The Virtual Battery app transforms frozen inventory (such as ice cream and frozen peas) into an intelligent “thermal battery” using software. Axiom Cloud can deploy its apps in <1 day, it delivers an ROI <1 year, and it helps customers save time in the first month of operation.
