CarbonChain, an AI-backed carbon accounting platform, has landed $10m in a Series A funding round co-led by Voyager Ventures and Union Square Ventures.
CarbonChain provides companies and financial institutions with accurate accounting of Scope 3 and supply chain emissions. In this area, the WEF estimates Scope 3 emissions make up as much as 90% of a company’s carbon footprint.
The firm incorporates data from the point of resource extraction, from raw materials, all the way through to the point of consumption to create emissions insight across the entire supply chain.
Through its verified and validated methodology and expansive database covering 80% of global emissions, CarbonChain enables carbon traceability, product carbon footprinting and the identification of real-time reduction opportunities.
By accurately quantifying the emissions intensity of globally-traded commodities, CarbonChain provides clear value to traders, manufacturers, and financiers who recognize the liabilities inherent in emissions-intensive supply chains, and see the business benefits from improving them.
The business will use the new funds to build new carbon accounting and reporting products, expand its customer base in the most carbon-intensive value chains (manufacturing, commodities, and heavy industry), and grow its team to meet increasing demand.
CarbonChain CEO and co-founder Adam Hearne said, “CarbonChain helps climate-critical sectors take action by filling the data gap for supply chain emissions tracking with accuracy and granularity.
“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.”
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