SINAI Technologies, developers of a leading decarbonization intelligence platform aimed at the hard-to-abate sector, announced earlier today a $22 million Series A funding round. The company shared that the fresh capital will be used in several different directions – continued development of the software of their platform, making it more collaborative, international client expansion and growing its team.
Energize Ventures, an investment manager focused on digitization of energy and the sustainable industry, spearheaded the investment round. Alongside it were Stardust Equity, HighSage, who joined the ranks of investors from previous rounds like Obvious Ventures, Valo Ventures, Afore, and High Alpha.
Two Japanese-owned investment firms – Presidio Ventures (from Sumitomo Corporation) and NEC Translink Capital – also participated, together with Singtel Innov8, from Singtel Group, headquartered in Singapore.
The amount brings SINAI’s total funding to $37 million since the company was founded in 2017.
This round position SINAI well for future growth, as 80% of major global companies have pledged, in one form or another, to be carbon neutral. But there have been some concerns that many of these companies are not fully equipped to achieve that lofty goal.
The SINAI Technologies platform is primarily focused on the hard-to-abate sectors like steel, mining and chemicals where it works with internal emissions data and sheds light on ways to cut emissions through modeling and recommending specific actions.
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Examples of these can be analyzing the costs of electrifying a fleet of transport vehicles. The platform can run the numbers on how much that transition could cost and help the company make an informed decision.
Last year, SINAI’s Decarbonization Intelligence platform tracked over 35 million tons of carbon emissions for its customers from over 20 industries with locations in over 60 countries.
“Every day, we’re seeing more companies commit to net-zero goals without a clear plan for getting there,” says Maria Fujihara, Founder and CEO. “SINAI is helping them with creating a plan. We believe that industry leaders with more reliable data and better collaboration can reach net zero by 2050 (or even before!) and prosper in a low-carbon economy.”
Energize Ventures Principal Eileen Waris, who will become a director on SINAI’s board added: “As corporates race to meet net-zero goals, the complexities associated with building and implementing a decarbonization strategy – from calculating emissions to deploying carbon reduction projects – are coming to the forefront.”
Read more: Steel Industry To Slash CO2 Emissions 30% By 2050