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The investment will help Klir expand its water software services and gain ground in a market forecast to grow to $20.2bn by 2030.
Klir, an Irish-founded company building water software platforms, has raised $16m in a Series A round led by venture capital firm Insight Partners.
Originating in Ireland, the company expanded into the US and Canada less than a year ago, moving its headquarters to Toronto.
The new funds will be spent on research, development and growth for its cloud platform build for the water industry.
“This investment will allow us to rapidly expand the depth of our product and deliver a complete solution for water management that our users so critically deserve,” said CEO of Klir David Lynch.
“With Insight’s backing and depth of expertise in building industry-defining software, we can bring the experiences from other tech sectors to water management and apply it as a force for good.”
Klir’s water assurance software platform is used by local authorities to manage and automate water systems. The platform uses analytics and task automation to improve water efficiency gain, which can contribute to managing the environmental impact of water services.
Earlier this year, Klir raised $3.1m in seed funding from US funds Bowery Capital, Spider Capital and SaaS Ventures.
The company also signed five multi-year contracts with enterprise customers in the US, Canada and Australia.
The digital water market, which brings digital transformation to the water sector, is currently valued at $8.7bn globally. This is forecasted to grow to $20.2bn by 2030, according to Bluefield Research, a research firm focused on water markets.
“Water is an under-tapped market that we are increasingly excited about,” said Insight Partners managing director Josh Fredberg.
“Klir’s team has the vision and experience to deliver on the connected future of water services. After seeing the pace of growth and hearing from water professionals around the world, we were eager to partner with the Klir team.”
In July, Insight Partners invested in two start-ups capitalising on transformative shifts in the digital workforce.
Fredberg will join Klir’s board of directors as part of the investment deal.
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