HULO.ai, a firm based in the Netherlands that develops advanced AI algorithms to combat water loss, has raised €800,000 in a new round of funding from LUMO Labs and the Netherlands Enabling Water Technology (NEW) Fund.
The funding will be used by Wetsus Research Institute spin-off HULO.ai to improve its cloud-based solution, making it highly scalable and adaptable to varied market needs around the world. With this investment, the company intends to enter new markets, focusing on areas where water scarcity and leakage are most severe.
Dutch startup https://t.co/8IalSXJEjq secures €800,000 investment for AI-driven water conservation https://t.co/iss7Z6y3HC pic.twitter.com/0LPzo7YD2h
— Tech.eu (@tech_eu) December 1, 2023
Leak Detection in Water Distribution Network in Real Time
The UNICEF forecast that half of the world’s population would confront water scarcity by 2025 emphasizes the significance of tackling water scarcity. In response to this important issue, HULO.ai believes that its superior AI solution is playing a critical role.
The system enables effective interventions by detecting and localizing real-time water leaks in distribution networks. HULO.ai’s solution has been carefully tested and confirmed through research undertaken in Dutch water utilities.
The Netherlands, which is well-known for its advanced water management systems, is an appropriate testing ground for HULO.ai’s revolutionary approach. The company not only improves efficiency but also promotes sustainability by leveraging the power of AI. The approach reduces the need for intensive physical checks on infrastructure, resulting in less water loss and a major contribution to protecting this natural resource.”We are excited to accelerate our journey towards creating more sustainable water management solutions, It has been a wild ride so far, and we are quite pleased with the investors we have on board,” says Robbert Lodewijks, co-founder and CEO of HULO.ai.
“It’s not only about the investment, but the knowledge these investors have on board is invaluable for the global impact we want to make with this company.”
Managing Water Scarcity
Through collaboration and value generation, HULO.ai is dedicated to addressing global water concerns. The company’s founders stress the necessity of strategic collaborations in generating awareness in the water business.
HULO.ai benefits from access to world-class research and expertise by being located in an area with a rich legacy in water management and proximity to the Wetsus Research Institute. This move also placed the company in one of Europe’s premier water technology clusters, with groups such as Water Alliance and Isle Utilities at the Water campus assisting HULO.ai in meeting its objectives.
Boudewijn Hulst, Investment Manager, said, “The Netherlands Enabling Water Technology (NEW) fund is dedicated to investing in startups active in the water technology sector and thereby advancing and commercializing innovative water technology initiatives.”
“Among its focus areas are intelligent and efficient water system management. The solution provided by HULO.ai is ideal for this situation. Loss of clean drinking water due to leaks and inefficient infrastructure management is a developing problem in a society where clean water is becoming increasingly scarce.”
“HULO.ai’s technology enables businesses to save not only money but, perhaps more importantly, water. We are thrilled to be working with LUMO Labs to support the ongoing development and expansion of HULO.ai’s transformative technology,” Hulst adds.
An Introduction of LUMO Labs And NEW-ttt
LUMO Labs supports data self-determination and traceability, as well as transparency and traceability of technology.
Through its current fund, LUMO Fund II, LUMO Labs is a venture finance business that supports impact-driven software and smart hardware startups. This multi-stage capital fund includes a two-year venture builder program to assist portfolio companies in achieving financial success and social impact.
📢Exciting news! We're thrilled to announce LUMO Labs & the Netherlands Enabling Water (NEW) Technology Fund have invested €800K in #HULO.ai. A @wetsus spin-off, HULO develops advanced AI algorithms to tackle water loss, a critical global challenge. 👀https://t.co/On55rOXC0w pic.twitter.com/CFlZ2g2eJ7
— LUMO Labs (@LUMO_Labs) November 30, 2023
LUMO Labs seeks firms that are linked with the United Nations Sustainable Development Goals, with a focus on AI/data, blockchain, the Internet of Things, robots and drones, and VR/AR.
NEW is an acronym that stands for Netherlands Enabling Water Technology. The NEW-ttt promotes promising water technology initiatives. The key subjects include water treatment, reuse of water and raw materials, energy production and scarcity of water, and smarter water system management.
NEW-ttt is divided into two pillars: Pillar 1 focuses on monetizing research by forming (spin-off) companies, while Pillar 2 funds early-stage entrepreneurs in the Netherlands.
This two-pillar approach promotes water-related technology innovation and advancement, emphasizing practical applications and entrepreneurial initiatives.
