Virridy Secures $5.5 million in Series A Funding Round led by Accord Capital

Virridy, a company dedicated to enhancing natural resource management through technology, has raised $5.5 million in Series A funding to speed the development and deployment of its satellite-connected sensors for water, energy, and agricultural resource management.

Existing investors FHI 360, Cleo Capital, Reverent Rock, Save Earth, and VertueLab also participated in the round, which was led by Accord Capital. Virridy has been renamed from SweetSense to highlight its dedication to enabling high-quality environmental commodities, in addition to the finance.

Climate change is hastening environmental and economic devastation around the world. Two billion people suffer from chronic high water stress, one-third of agricultural soils are damaged around the world, and two billion people are food insecure. The current 20-year megadrought throughout the western United States is the worst in more than 1,200 years.

Virridy was established to solve these issues and promote global environmental resilience. Virridy is monitoring the water supply of nearly four million people with the support of institutions such as the National Science Foundation (NSF), USAID, the World Bank, NASA, the Millennium Water Alliance, and Swarm Technologies. Virridy’s low-cost, satellite-linked sensors monitor water boreholes in Kenya and Ethiopia, allowing government agencies in charge of maintenance to efficiently deploy resources to minimize borehole downtime and guarantee people have consistent access to water, livestock, and crops.

Virridy is also collaborating with The Freshwater Trust and Wexus Technologies to enable farmers in drought-prone areas of the Western United States monitor and better manage groundwater pumping and consumption while also earning cash through energy savings and automated demand response. This aids farmers in lowering operational expenses, increasing revenue, and adhering to government rules governing the sustainable use of groundwater.

“Through our sensors and analytics, Virridy is allowing environmental markets such as carbon credits, energy incentives, and water permitting. Dr. Evan Thomas, Virridy’s founder and CEO, said, “Our team was the first to bring to market carbon financing for water treatment 15 years ago, and we’re now enabling these markets at scale for water access and conservation, soil carbon, and energy conservation.”

Accord Capital’s Managing Director, Chris Lackner, said, “Accord is thrilled to work with Virridy to support its continued growth and innovation.” “We believe that Virridy’s considerable combined backgrounds will enable it to become the premier sensor and data supplier in environmental resource monitoring,” said the company’s CEO.