London-based carbon accounting platform CarbonChain has raised $10 million in a Series A funding round. As to be expected in a Series A round, the capital will be used to help the company scale, both in terms of developing new products as well as expanding its customer base and team size.
CarbonChain’s $10 million Series A round was co-led by Union Square Ventures and Voyager Ventures.
There’s no denying the fact that a great number of us are aware of just how much damage humankind has done to the planet, particularly in the last 123 years. While change is afoot, there’s nothing to say it’s easy to accomplish, and with all the best intentions, even accurate.
Along the lines of what Berlin's Atlas Metrics is up to, CarbonChain is in the business of non-financial accounting. Powered, of course, by Artificial Intelligence, the startup’s carbon accounting platform provides customers including thyssenkrupp Materials Services Eastern Europe, Societe Generale, Rabobank, Concord Resources, IXM, and Gunvor with an end-to-end view of the carbon footprint present in its supply chain.
Honing in on Scope 3 emissions, those that make up as much as 90% of a company’s carbon footprint according to the World Economic Forum, CarbonChain pools data all the way from the point a resource is unearthed right on through to consumption, generating a map of carbon traceability and accountability which can then be used to identify reduction opportunities.
And about that burning question of accuracy? Wel CarbonChain is so confident in its offer that both Bureau Veritas and SGS have each independently reviewed the company’s methodology, with Bureau Veritas verifying it, and SGS validating it as aligned with global carbon accounting standards (specifically, the GHG Protocol).
"CarbonChain helps climate-critical sectors take action by filling the data gap for supply chain emissions tracking with accuracy and granularity," said CarbonChain CEO and co-founder Adam Hearne. "Our latest investment round kicks off a big year for CarbonChain: we are hiring for 30 new roles, and opening a New York office to better support the North American market. We are excited to expand our customer base and help move the global economy closer to net zero."
Lead image: Dominik Lückmann