London’s carbon data provider Sylvera has raised $57 million in a Series B funding round led by Balderton. The capital is earmarked to bolster the company’s engineering and product teams as it gears up for international expansion into the US market. Since late 2020, Sylvera has raised just over $95 million.
In addition to Balderton’s lead, the $57 million Series B round drew the participation of existing investors Index Ventures, Insight Partners, Bain & Company, Salesforce Ventures, Speedinvest, Seedcamp, and LocalGlobe, as well as new investors Fidelity Strategic Ventures and 9Yards Capital.
Sylvera uses a variety of carbon measurement methodologies and applies climate science to rate carbon capture, removal, or emissions avoidance projects, thereby offering up validated net zero benchmark figures.
To break that down: Sylvera is leveraging technologies including satellite imagery, 3D scans, and a host of additional data sources to feed a bunch of algorithms that analyse how much carbon is stored in trees and output a rating thereof.
"There is a serious lack of data to demonstrate progress against net zero targets and to prove that carbon emissions are actually being reduced or removed from the atmosphere. This uncertainty has created inaction - Sylvera is changing that," explained Sylvera CEO and co-founder Allister Furey. "Our technology ensures funding is going to the projects, companies, and countries having maximum climate impact to get the world on track for net zero. In time, this data will create much-needed financial incentives, such as higher share prices and cheaper borrowing, for organizations taking serious net zero action."
Since yearly 2022 Sylvera reports expanding its customer base sevenfold and is trusted by The World Economic Forum, Bain & Company, Chevron, Salesforce, Mitsubishi, and BCG amongst others.