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§ Private Profile · San Jose, CA, USA
Developer of AI-powered refrigeration management software and thermal energy storage for grocery stores and cold storage, reducing energy costs.
Founded in 2014 by Amrit Robbins and Anthony Diamond, Axiom Exergy develops AI-powered refrigeration management software and thermal energy storage solutions for grocery stores and cold storage facilities. The Richmond, California-based company provides a cloud platform alongside retrofit hardware, known as the Refrigeration Battery, to reduce energy consumption, predict equipment failures, and prevent harmful refrigerant leaks. Operating under a savings-as-a-service model, the enterprise has deployed its technology across hundreds of commercial facilities, securing service contracts with major corporate customers like Walmart and Whole Foods. The firm raised approximately $12.5 million in total funding, including a $7.6 million Series A round in 2018, backed by prominent investors such as Shell Ventures, True Ventures, and Blue Bear Capital. Originally focused on hardware, the organization pivoted to a software-as-a-service subscription model in 2020 under the name Axiom Cloud.
Axiom Exergy has raised $28.0M across 6 funding rounds.
Axiom Exergy has raised $28.0M in total across 6 funding rounds.
Axiom Exergy has raised $28.0M across 6 funding rounds. Most recently, it raised $5.0M Axiom Cloud - Other Equity in March 2024.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Mar 3, 2024 | $5M Venture Round | Toshiba TEC, Matthew T. O'rourke | — | Announced |
| Jan 18, 2023 | $7.4M Series A | Ernst Theodor | Artifact Capital, DFJ Frontier, Leadout Capital, Momenta, Powerhouse Ventures, ULU Ventures, Vela Partners | Announced |
| Nov 11, 2021 | $2.5M Venture Round | Steve Brownlie, Lorimer Ventures, LEE Carter, Yigit Ihlamur | — | Announced |
| May 9, 2018 | $7.6M Series A | Dennis Odell, Vikas Gupta | Meson Capital, Seabed VC, Stanford, SV Tech Ventures, Mark Danchak | Announced |
| Aug 2, 2016 | $2.5M Venture Round | — | JB Straubel, Lars Johansson, MIT Angels, Sierra Angels, Victory Capital | Announced |
| Aug 1, 2016 | $3M Seed | — | — | Announced |
Axiom Exergy has raised $28.0M in total across 6 funding rounds.
Axiom Exergy's investors include Toshiba Tec, Matthew T. O'Rourke, Ernst Theodor, Artifact Capital, DFJ Frontier, Leadout Capital, Momenta, Powerhouse Ventures, Ulu Ventures, Vela Partners, Steve Brownlie, Lorimer Ventures.
Axiom Exergy was an industrial IoT company that developed the Refrigeration Battery, a thermal energy storage technology transforming commercial refrigeration systems—primarily in supermarkets and industrial buildings—into flexible, cloud-connected energy assets.[2][3][5] It served high-energy refrigeration users by solving grid inflexibility, enabling load shifting for renewables, cutting operational costs via "Storage-as-a-Service," and reducing business risk through intelligent power management.[2][6][7] The company raised $7.6M in Series A funding in 2018 from investors including GXP Investments and Shell Technology Ventures, but discontinued its hardware in 2020 amid COVID-19 challenges, closing Axiom Exergy Inc. and pivoting the team to software-focused Axiom Cloud Inc.[2][3][4]
The Axiom team began collaborating in 2014, driven by the insight that high renewable energy penetration required grid-scale load flexibility and low-cost storage beyond solar, wind, or EVs.[3] They launched the Refrigeration Battery (RB) as their first product, targeting retail grocery cooling systems to unlock thermal flexibility without new hardware.[3][5] Early traction came from deploying RBs for supermarket customers, revealing broader software potential; this evolved into cloud AI apps like Virtual Battery and Virtual Technician.[3][4] By 2018, they secured Series A funding, but economic pressures led to closing the hardware business in July 2020, selling assets (including RB IP and inventory) to Turntide Technologies, and rebranding as Axiom Cloud Inc. to focus on scalable software for refrigeration sustainability.[2][4]
Axiom Exergy rode the cleantech wave of grid modernization, addressing renewable intermittency by virtualizing cooling loads as distributed storage amid rising solar/wind adoption and strained grids.[3][8] Timing aligned with tightening refrigerant regs, warming climates, energy cost spikes, and technician shortages in commercial refrigeration—a $100B+ sector ripe for IoT disruption.[3] Market tailwinds included cleantech investor interest (e.g., 2020 Global Cleantech 100 recognition) and post-COVID efficiency demands, influencing ecosystem by proving software can scale hardware-free flexibility, paving paths for peers in virtual power plants and AI-driven energy management.[4][8] Its asset sale to Turntide amplified impact, blending with motor efficiency tech for broader industrial decarbonization.[4]
Axiom Exergy's legacy endures through Axiom Cloud Inc., now laser-focused on software transforming global cooling for grid resilience and emissions cuts—positioned for growth as renewables hit 50%+ grid shares by 2030.[3][4] Expect expansion into more "apps" for predictive maintenance and flexibility markets, fueled by AI advancements and policy incentives like carbon pricing. As refrigeration digitizes, their influence could evolve from niche innovator to industry standard-setter, amplifying cleantech's shift from hardware bets to scalable intelligence—echoing their founding bet that software unlocks the clean energy grid.[3][4]