The US and Amsterdam-based Context Labs, an enterprise data fabric technology company, announced on Wednesday that it has raised $28M (approx €24.58M) in a fresh round of funding from strategic investors BP Energy Partners (BPEP), Equinor Ventures, KPMG LLP (US), Shamrock Ventures, Neglected Climate Opportunities LLC, and i(x) investments.
Context Labs claims to provide a trusted data fabric platform for asset grade data, deploying machine learning and AI-driven asset grade analytics for context-driven insights.
Bruce Hathaway, Partner at Shamrock Ventures, says, “The Context Labs mission began with our founder’s research at MIT on innovation ecosystems, advancing a framework for change called Pentalytics. Context Labs has applied this framework in its Immutably enterprise data fabric technology to show the global interconnection of climate data. This, in effect, is building a ‘climate graph’ of the planet that interconnects companies and their locations with their climate and environmental impacts. This context-based knowledge can now be commercialised with our partners to accelerate global decarbonisation.”
Blockchain-enabled platform solutions
Context Labs was founded by Dan Harple, an Internet pioneer and technology entrepreneur. The company’s aim is to provide a trusted data fabric platform for asset-grade data (AGD), using its ImmutablyTM Data Fabric platform, deploying machine learning, AI-driven asset-grade analytics (AGA) and cryptographic blockchain technologies, for context-driven insights.
The company’s platform product line consists of micro-service level components that enable core data fabric interoperability, big data enterprise integration, and insightful analytics. These components then snap together to produce a variety of industry solutions.
The company is dedicated to sourcing, organising and contextualising the world’s ESG information, enabling data to become trusted, shared and utilised as AGD to provide insights and solutions through AGA that informs markets.
Dan Harple, founder and CEO of Context Labs, says, “We are on a mission to provide transparency and trust in the data that underlies the march toward global decarbonisation. Our Immutably data fabric platform enables trusted data, digitally provenanced and cryptographically attested, as a bedrock for Climate Tech. This trusted ‘supply chain of data’ will reduce greenwashing, transform ESG into a data-driven quantitative tool, and accelerate the deployment of trillions in capital targeted at addressing climate change.”
A joint venture with BPEP
Besides the funding, Context Labs has also announced a joint venture (Context Labs Energy) with BP Energy Partners to provide a comprehensive trusted-data solution for the energy sector for decarbonisation measurement, monitoring and mitigation.
Speaking on the development, Nathan Brawn, MD of BPEP, says, “Energy sector participants want to make practical and rewarding investments that demonstrate a clear commitment to carbon reduction. Those investments must promote transparency and trust with stakeholders to be successful through the energy transition. We are excited to be partnered with Context Labs to deliver a robust solution that meets these growing demands for environmental performance, compliance, and reporting.”
Context Labs’ Decarbonisation-as-a-Service platform (DaaS), based on the Context Labs Immutably technology stack, aims to leverage its machine learning/AI-driven capabilities with the deep industry relationships developed by BPEP over decades.
According to Rob Fisher, KPMG US IMPACT Leader, “Context Labs’ blockchain technology will enhance the sophistication and rigour of ESG reporting, helping organisations actively measure and tell their ESG story to all stakeholders to gain an ESG advantage.”