London-based certification company Isometric said Tuesday it has secured an investment from Intercontinental Exchange (NYSE: ICE), bringing its Series A funding to $50 million.
ICE has joined Isometric’s Series A, which was first announced at $40 million in June and was led by AVP, alongside Lowercarbon Capital, Plural, John Doerr and Walter Kortschak. Thus Isometric’s combined funding from its seed and Series A rounds has now reached a total $75 million.
Isometric develops certification technology designed to verify industrial claims that customers, investors and regulators may not be able to independently assess. Its Certify platform uses artificial intelligence (AI) alongside independent verifiers to examine the data underlying claims. Certificates are published on Isometric’s public Registry with supporting data, calculations and evidence.
Isometric began in carbon removal and says it has been contracted to certify more than 16 million tonnes, before expanding into industrial emissions, energy, fuels and materials. It counts Microsoft, Anglo American, Boeing and JPMorgan Chase among its customers, along with more than 200 projects worldwide.
ICE Brings Market Infrastructure To Industrial Certification
The backing from ICE comes as companies undertake major industrial projects tied to electrification, automation and data center expansion. According to Isometric, such projects increasingly need independent certification to demonstrate compliance with environmental, regulatory and sustainability requirements.
ICE operates energy and environmental markets and provides financial-market technology and data. Through the investment, the companies plan to combine Isometric’s certification technology with ICE’s market infrastructure and data capabilities.
“Provable output is financeable output,” Isometric CEO Eamon Jubbawy said. “ICE has spent decades building the infrastructure the world’s financial markets depend on, and they’re now backing Isometric to do the same for the industrial economy.”
Relevant: Isometric Secures $40M To Bring AI Certification Beyond Carbon Markets
“We believe analogue markets can be transformed through digital infrastructure, and that the partners and platforms we back will define the next chapter of environmental markets,” said ICE managing director Gordon Bennett.
The funding, announced today, also includes Acario Innovation, BY Venture Partners, Dubai Future District Fund, Earth VC, Motion Ventures, One Capital, Plug and Play, Verb Ventures and Legora founder Max Junestrand.
Relevant: Isometric Targets Low-Carbon Materials With EAC Launch
