Today, CarbonChain announced the successful completion of their Series A investment round, with $10 million raised for further development of its signature carbon accounting products.
The investment session was co-hosted by climate-forward Voyager Ventures and Union Square Ventures.
Companies trying to reduce their carbon footprint to reach net-zero by 2050 face a serious obstacle when determining which of their operations create the most pollution and to what extent.
CarbonChain offers an innovative solution to this issue by employing granular data and AI-based accounting. The end product gives organizations the chance to accurately measure and report carbon emissions across all stages of the operational supply chain.
Relevant: CarbonChain Provides End-To-End Visibility Into Supply Chain Emissions – Adam Hearne, CarbonChain CEO
To make sure the data is complete and precise, CarbonChain tracks emissions starting from the process of extracting raw materials all the way up to the point of finished products ready for consumption, covering the complete supply network.
CarbonChain uses a trustworthy accounting methodology that has been independently reviewed and verified by SGS and Bureau Veritas.
Their extensive database covers 80% of global CO2 emissions, which helps trace root causes and indicates improvement prospects.
Read more: Sweep Launches New CO2 Management Solution For Scope 3 Emissions
The company will use the acquired funds to expand its operations into the most carbon-intensive trades, including manufacturing, commodities, and heavy industry.
Their main focus will be on developing novel carbon accounting and reporting products to meet the rising global demand for carbon footprint transparency.
Adam Hearne, CEO and co-founder of CarbonChain, commented, “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.”