Finnish green tech company CollectiveCrunch has secured €1.4 million ($1.53 million) in an investment round led by existing investor Nidoco AB to fund future growth, particularly in the forest carbon market.
CollectiveCrunch’s proprietary Linda Forest platform gathers climate, geo and process data which is then used to generate AI models to enable better prediction of forest inventories and continuous monitoring of carbon storage in forests, information that is useful for the carbon trading markets. Thus, the company seeks to promote sustainable forestry at scale.
After securing a strong position on the European markets since its foundation in 2016, CollectiveCrunch is now expanding in the United States and Latin America.
“CollectiveCrunch is fundamentally changing how the forestry industry monitors forest health and CO2 capture thanks to its revolutionary platform that uniquely utilizes data and provides near real-time insights into forest biodiversity and forest carbon sink more accurately than ever before,” Nidoco’s CEO, Patrick Castrén, said in a comment to the investment.
Rolf Schmitz, one of CollectiveCrunch’s co-founders, said the company was excited to have the support and trust of its investors trust amid the challenging economic times, highlighting the company’s unique position to underpin the digital transformation of the forestry industry.
CollectiveCrunch recently got an approval from Verra, a nonprofit that operates standards in environmental and social markets, including the world’s leading carbon crediting program, the Verified Carbon Standard (VCS) program.
According to Mr. Schmitz, the approval is an important milestone showing that with its solutions for near real-time monitoring and forest asset analysis CollectiveCrunch responds to the market’s need for transparency.
Linda Forest, which covers 23 million hectares (approximately 56,8 million acres) of forest, is currently being used by 7 out of the top 10 forestry players in the Nordic region, the green tech company said.