London-based construction technology startup Converge has successfully raised €20 million in a Series [Series A, B, etc. - information not provided in text, needs to be added if known] funding round. The round was led by ABN AMRO Sustainable Impact Fund (SIF), with participation from existing investors Climate Investment (CI) and Move Energy, and new investors PI Impact and J-Impact, alongside other undisclosed investors. This significant investment underscores the growing interest in sustainable construction technologies and the potential of Converge's innovative approach.
Converge utilizes AI, proprietary sensor data, and advanced software to optimize concrete usage and production, significantly reducing carbon emissions. Their flagship platform, ConcreteDNA, provides a suite of solutions for generative and predictive AI mix insights, real-time concrete monitoring, and data management. This allows contractors to make faster, more informed decisions, leading to reduced embodied carbon and minimized resource waste.
The €20 million investment will primarily fuel Converge's commercial expansion and further development of its innovative solutions. The company aims to accelerate the adoption of its technology globally, addressing the significant environmental impact of concrete production, which accounts for approximately 8% of global CO₂ emissions. This funding round positions Converge as a key player in the drive towards a net-zero future in the construction industry.
This investment highlights the growing investor confidence in the potential of AI-driven solutions to tackle climate change within the construction sector. Converge's focus on optimizing concrete production, a major source of carbon emissions, positions them for substantial growth and impact in the years to come.
