Kairos Aerospace – a leader in high-frequency aerial methane detection for the energy industry – announced the initial closing of its Series D funding at $52 million. The funding round was led by funds and accounts managed by BlackRock, with participation from Hartree Partners and 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 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 deliver profits to operators and also provides them with proof of environmental stewardship. And Insight M utilizes 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:
The high-frequency surveys focused on large but relatively infrequent leaks – which mitigates more emissions than those targeting small leaks and also substantially reduce methane fees for operators, potentially saving them billions of dollars
The 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. And benchmarking that allows operators to prove their methane performance relative to their peers in the basin and protect their reputation.
The Series D funding round 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. And Insight M plans to utilize 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.
Insight M already had as large a positive impact on climate as any company in the world. And 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 acted as exclusive financial advisor to Insight M. Illuminav Advisors provided transaction consulting and support of the raise. Fenwick & West LLP acted as legal advisor. Katten Muchin Rosenman acted as legal advisor to BlackRock.
KEY QUOTES:
“At Insight M, every person is dedicated to ensuring the success of our customers. 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.”
- Gregg Rotenberg, CEO of Insight M
“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.”
- Zachary Bogue, Co-Founder and Managing Partner at DCVC
