SUNNYVALE, Calif., February 15, 2024 (Newswire.com) - Kairos Aerospace, the leader in high-frequency aerial methane detection for the energy industry, announced today the initial closing of its Series D funding at $52 million. The round was led by funds and accounts managed by BlackRock, with participation from Hartree Partners, as well as existing investors DCVC, Climate Investment (an investment firm backed by 12 of the largest oil and gas companies in the world), and Energy Innovation Capital. Kairos will be rebranding as Insight M to better align with its go-forward vision, a change that will officially launch later in Q1.
There is a growing demand in the oil and gas industry for Insight M's emission solutions, which not only deliver profits to operators but also provide them with proof of environmental stewardship. Insight M uses its proprietary technology to capture methane emissions data on the assets of their customers along with the entire given oil and gas basin. This exclusive basin-wide dataset enables Insight M to deliver three key products to operators:
- High-frequency surveys focused on large but relatively infrequent leaks, which not only mitigate more emissions than those targeting small leaks but also substantially reduce methane fees for operators, potentially saving them billions of dollars
- Advanced data tools like the Optimizer and Methane Fee calculator, which pinpoint a given operator’s optimal aerial survey package that maximizes their profits and minimizes their regulatory fees
- Benchmarking that allows operators to prove their methane performance relative to their peers in the basin and protect their reputation.
The Series D funding builds on Insight M’s technological and commercial achievements, positioning the company to meet the increasing demand for aerial methane detection from existing and new customers. Insight M plans to leverage this funding to expand their commercial teams and operations globally, while also investing in the advancement of cutting-edge methane detection technology and software products.
“At Insight M, every person is dedicated to ensuring the success of our customers,” said Gregg Rotenberg, CEO of Insight M. “We will continue that commitment and are excited to have the support of our investors – both new and current – as we scale our value proposition, expand our global footprint, and invest in additional outstanding talent in order to assist the oil and gas industry with near- and long-term challenges and opportunities.”
“We are pleased to complete this funding round with the support of funds and accounts managed by BlackRock, Hartree, and existing investors. With this fresh addition of capital and expertise, Insight M is positioned to bring its vitally important, market-leading methane-mitigation technology to customers around the world—to the benefit of all,” said Zachary Bogue, Co-Founder and Managing Partner at DCVC.
Insight M has already had as large a positive impact on climate as any company in the world. In 2022, Insight M saved their oil and gas customers $279 million in gas value and mitigated 70 million metric tons of CO2e, which is 5x the impact of every EV on the road in the United States.
Intrepid Partners, LLC acted as exclusive financial advisor to Insight M. Illuminav Advisors, Inc. provided transaction consulting and support of the raise. Fenwick & West LLP acted as legal advisor. Katten Muchin Rosenman acted as legal advisor to BlackRock.
About Insight M
Founded in 2014, Insight M is the leader in cost-effective, high-frequency aerial methane detection for the energy industry. Insight M’s evidence-based methane solutions empower oil and gas operators to take a pragmatic approach to reducing their emissions—helping them keep gas in the pipe and their brand off the front page. In 2022, Insight M saved their oil and gas customers $279 million in gas value and mitigated 70 million metric tons of CO2e. For more information, visit us at https://kairosaerospace.com.
Contact Information:Charlie Feinerman
Sr. Director of Marketing
[email protected]
(856) 577-8565
Original Source: Kairos Aerospace, Rebranding as Insight M, Raises $52 Million in Series D Funding
