Carbon data company Sylvera announced on July 18 it has raised $57 million in a Series B funding round. The startup will use the funds to incentivize organizations to invest in climate impact and grow its U.S. presence.
The round was led by Balderton Capital and included existing investors Index Ventures, Insight Partners, and Bain & Company, among others, and new investors Fidelity Strategic Ventures and 9Yards Capital.
Established in 2020 in the United Kingdom, Sylvera allows companies and governmental organizations to invest in CO2 credits and report their climate impact. The company offers carbon measurement technology and provides ratings and data to evaluate investments in climate action, including CO2 credits.
“There is a serious lack of data to demonstrate progress against net zero targets and to prove that carbon emissions are actually being reduced or removed from the atmosphere. This uncertainty has created inaction–Sylvera is changing that,” said Allister Furey, CEO and co-founder of Sylvera. “Our technology ensures funding is going to the projects, companies, and countries having maximum climate impact to get the world on track for net zero. In time, this data will create much-needed financial incentives, such as higher share prices and cheaper borrowing, for organizations taking serious net zero action.”
Sylvera’s software automates the process of carbon projects evaluation to offer independent and accurate information and positions the company as a provider of reliable data, independent from project developers or other stakeholders.
To achieve this high level of data fidelity the company uses 3D scanning and detailed satellite imagery, capable of showing changes down to 10 milimiters. With algorithms crunching the numbers Sylvera says it can analyse the quantity of CO2 forests store and translate that into ratings.
The new funding will allow the company to further enhance its platform with new data and information about CO2 credits to provide valuable insights into companies’ strategies and advancements in achieving their net zero targets.
It will also go towards expanding the existing team, as well as opening an office in New York, with the latter move confirming the US is a target market for the company.
Since January last year, Sylvera’s customer base has grown seven times. During this period, the company formed strategic alliances with firms like S&P Global and attracted clients ranging from financial services institutions to sovereign governments.