On July 2, 2024, the Seattle, USA-based startup that uses AI to manage data center energy consumptionPhaidraannounced it has raised a new $12 million funding round. This round was led by Index Ventures, with previous investors including Starshot Capital (lead investor of the A round), Helena, Flying Fish, Ahren Innovation Capital, Section 32, Character, as well as DeepMind co-founder and Microsoft AI head Mustafa Suleyman and Dallas Mavericks owner Mark Cuban.
The company plans to use the raised funds for further research and development of its products and to expand market promotion.
Phaidra was founded in 2019 by former employees of DeepMind's AI research department, Jim Gao (CEO), Vedavyas Panneershelvam (CTO), and Katherine Hoffman (COO). The company's main business is developing and selling AI software that can optimize the operational efficiency of industrial facilities, especially for customers in the data center, pharmaceutical, and energy industries. Jim Gao once led a 14-person team at DeepMind, focusing on building AI technology for the energy sector, and successfully helped Google data centers reduce cooling energy consumption by 40%. To date, Phaidra's total funding has reached $60.5 million, and the company has about 100 employees.
(News source:GeekWire）