Climate Investment lead Converge’s Series A investment round
25 May 2022
- OGCI Climate Investment (OGCI CI) provides series A preferred stock financing to AI-based construction technology provider, Converge
- Converge’s range of AI-based SaaS products and reality capture technologies generate insights and recommendations that drive efficiency, safety, and decarbonization of construction activities
OGCI Climate Investment (OGCI CI), a specialist decarbonization investor, has today led an investment round of over GBP 15 million for Converge alongside participation from existing investors.
Converge is a technology company accelerating decarbonization in the construction sector with its intelligence platform fusing physical and construction data.
ConstructionDNA, Converge’s construction optimization AI platform, works with physical sensors located across construction sites to provide users with real-time data and actionable insights to improve efficiency and reduce emissions. Converge focused its initial efforts on concrete, which is responsible for 8% of all GHG emissions. ConstructionDNA’s AI-based concrete module is being used by world-leading contractors and ready-mix concrete suppliers. The flagship module predicts when concrete will reach strength with >95% confidence, speeding up build times by up to 30% and empowering the transition to carbon efficient concretes. Using the technology, ready-mix suppliers are reliably and safely optimizing their concrete mix designs to significantly reduce GHG emissions.
With OGCI CI’s mission-aligned series A preferred stock financing, Converge’s ambition is to reduce average cement content in concrete by ~15%.
Mike Bishop, Investment Director at OGCI Climate Investment, said: “We have identified the decarbonization of cement and concrete amongst the critical pathways for achieving meaningful near-term emissions impact. Converge’s highly scalable and easily adopted digital solutions can deliver that impact across the construction sector. We look forward to working with the team as they grow.”
Raphael Scheps, Converge Co-Founder and CEO added: “We are honored to have OGCI as one of our mission-aligned, value-aligned, strategic investors. Since 2016, Converge has been developing and scaling innovative solutions to power the digital transformation of the construction industry. Together, we will drive transformative progress in the decarbonization of the sector, effectively bending the cost and carbon curve simultaneously, and offering products that will be “must haves” as stakeholders demand sustainable solutions to build the future.”
The broader construction industry represents close to 11% of global GHG emissions. Converge (converge.io) is expanding its suite of modules to include the optimization of construction logistics and structural health, further preventing waste and reducing cost.
OGCI CI’s Series A preferred stock financing will support further product development, allowing Converge to build an independent, objectively-verifiable data model of construction and become the digital enabler for decarbonization of the entire sector.
Converge is an AI-based construction technology company founded by Raphael Scheps and Gideon Farrell, headquartered in London with offices in Singapore. Converge is making construction more efficient, safe, and sustainable, using AI and reality capture devices to digitise and optimise project delivery. Converge’s technologies are used globally by leading construction contractors and material suppliers, supporting the transition to lower carbon materials and novel construction methodologies.
Converge’s flagship AI platform, ConstructionDNA, enables optimisation and decarbonisation across the entire construction process. It is powered by real-time data from reality capture devices embedded throughout the construction site. Currently, they measure concrete performance, structural behaviour, and construction logistics.
By building an independent, objectively-verifiable data model of construction, and become the digital enabler for decarbonisation of the entire sector, Converge is working with the industry to build a net-zero future, enabling gigatonnes of CO2e savings by 2050.
About OGCI Climate Investment
OGCI Climate Investment was formed by the Oil & Gas Climate Initiative, a CEO-led initiative of oil & gas majors that accounts for around 30% of global operated production. OGCI aims to lead the industry’s response to climate change.
At OGCI Climate Investment, we seek to accelerate the global implementation of low carbon solutions by collaborating with OGCI members, governments, customers, and co-investors. We have invested in 26 technologies and projects since 2017.
Among its investment-focused activities, CI currently manages a $1B+ fund, Catalyst Fund I, and is an investor in China Climate Investment. Both funds invest in solutions to decarbonize under-invested carbon-intensive sectors within energy, industrials, built environments/buildings and transportation. CI targets solutions that deliver near-term GHG impact in three areas: reducing methane, reducing carbon dioxide emissions and recycling or storing carbon dioxide.