Toronto-based integrated water solution Klir has raised $16 million in Series A financing led by US venture capital and private equity firm Insight Partners. Bowery Capital, Spider Capital and SaaS Ventures, which last year backed the startup’s seed round, also invested in the Series A. Klir’s technology helps utilities make water safer.
RENO, Nev., Nov. 18, 2021 /PRNewswire/ — On the back of organic growth unseen in the sector, Klir, the integrated water solution that helps the world’s water utilities make water safer, today announced a $16 million USD Series A led by New York-based global private equity and venture capital firm Insight Partners. The announcement comes barely a year after Klir’s seed round led by Bowery Capital, Spider Capital, and SaaS Ventures, which also participated in the round. The funds will be plunged into research, development, and growth.
As the global water crisis takes hold, water authorities are the first and last line of defense. Today, they manage water through a patchwork of fragmented and opaque systems bouncing between documents, spreadsheets, and software built for industries like oil and gas. Simply put, they need a single integrated platform to manage their watershed because every water decision is interlinked. Klir is that platform. Built for the water industry by water experts, Klir’s cloud-based platform uses data analytics and task automation to help utilities capture widespread efficiency gains while ultimately protecting the environment.
“With Insight’s backing and depth of expertise in building industry defining software, we can bring the experiences from other tech sectors to water management and apply it as a force for good,” said David Lynch, CEO of Klir. “This investment will allow us to rapidly expand the depth of our product, and deliver a complete solution for water management that our users so critically deserve.”
The burgeoning digital water market is currently valued at $8.7B globally and is forecasted to grow to $20.2B by the end of the decade. The wider impact of water is expected to reach $914.9 billion in 2023, according to Global Water Intelligence.
“Water is an under-tapped market that we are increasingly excited about,” said Josh Fredberg, Managing Director of Insight Partners. “Klir’s team has the vision and experience to deliver on the connected future of water services. After seeing the pace of growth and hearing from water professionals around the world, we were eager to partner with the Klir team.” Fredberg will join Klir’s board.
“Klir’s vision to deliver a single, connected platform for water continually excites our members,” said Nathan Allen, Executive Director of WaterStart, a non-profit water innovation advisor that is accelerating the adoption of technology solutions within water utilities across the globe. “Our members work tirelessly with outdated technology and processes to provide safe and continuous water services. They crave the type of innovation and experience that Klir delivers. When they get these new tools and knowledge, the results greatly benefit the communities they serve.”
Klir is the single operating system for water. With one platform to connect every team, Klir allows water utilities to manage critical processes across the entire water system—from permits, to sampling, and inspections, and everything in between. Administrative processes that were once painful and error prone, become effortless thanks to automation, data analytics, and task management. The result is a simplified process that reduces risk, operating expenses, and administrative overhead.