London-based CarbonChain, an AI-fueled carbon accounting platform, announced on Tuesday, April 25 that it has secured $10M (approximately €9M) in a Series A round of funding co-led by Union Square Ventures and Voyager Ventures.
CarbonChain says it will use the funds to build new carbon accounting and reporting products, expand its customer base, and grow its team to meet increasing demand.
“CarbonChain helps climate-critical sectors take action by filling the data gap for supply chain emissions tracking with accuracy and granularity,” says Adam Hearne, CEO and co-founder of CarbonChain.
“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,” adds Hearne.
Supply chains account for 60% of global emissions, and with global merchandise trade exceeding $20 trillion a year, accurately measuring and reporting carbon footprints has become increasingly important.
CarbonChain addresses this challenge by providing companies and financial institutions with an accurate accounting of Scope 3 and supply chain emissions.
According to the World Economic Forum, Scope 3 emissions can make up as much as 90 per cent of a company’s carbon footprint.
CarbonChain: Accelerating toward a net-zero economy
Founded in 2019 by Adam Hearne and Roheet Shah, CarbonChain empowers companies to make climate-conscious decisions to accelerate action toward a net-zero economy.
The company’s methodology incorporates data from the point of resource extraction, all the way through to the point of consumption to create emissions insights across the entire supply chain.
Through its verified and validated approach and expansive database covering 80% of global emissions, CarbonChain enables carbon traceability, product carbon footprinting, and the identification of real-time reduction opportunities.
The UK company’s methodology, V0.94, has been validated by SGS and verified by Bureau Veritas for manufacturers, commodity traders, financiers, and freight firms to unlock unrivaled insight into carbon-related risks and opportunities in the near real time.
Currently, the company works with clients, including thyssenkrupp Materials Services Eastern Europe, Societe Generale, Rabobank, Concord Resources, IXM, and Gunvor, among others.
The company is supported by the UK government’s innovation arm (Innovate UK) and was part of the Y Combinator Summer 2020 cohort.
“CarbonChain has a team of passionate, expert engineers, data scientists, and sales leaders dedicated to tackling the world’s largest sources of GHG emissions,” says Rebecca Kaden, Union Square Ventures General Partner.
“Their carbon accounting platform is becoming the go-to solution for leading companies in the commodities, metals manufacturing, trade finance, and logistics industries. We’re excited to have co-led this investment round enabling CarbonChain to continue expanding its customer base through these critical supply chains,” adds Kaden.
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