UK-based start-up Sylvera closed a series A funding round with $32 million, adding to the $5.8 million seed round in May 2021 to help boost the credibility of carbon offsets.
Sylvera has developed machine learning technology designed to analyze different kinds of visual data, such as lidar and satellite imagery.
The objective of this technology is to make sure there is more accountability around carbon offsetting projects that have so far faced a lot of criticism and skepticism.
One of the main accusations thrown at the practice of offsetting carbon emissions is that it has been used as a form of greenwashing by large corporations to alleviate them from the need to change.
With its total funding of $39.5 million, Sylvera hopes to bring more transparency into the equation and see to it that carbon offsets can genuinely work as a tool in the fight against climate change.
In fact, co-found and CEO Dr. Allister Furey believes the carbon market to be one of the most powerful such tools the world currently has.
But in order to use it properly, he said, there needs to be reliable data that can help determine the quality of these offsets, so as to encourage further investment in such projects.
According to Dr. Furey, what Sylvera is now doing is creating the ‘most accurate ratings’ for the carbon market.
And the new funding will go towards expanding the team and the platform to the point where it can eventually have universal coverage of all carbon offsets.
The project will enable all stakeholders (carbon traders, corporate leaders and policymakers) to have a clear overview and the ability to make confident choices when assessing different carbon projects.
In this way, Sylvera seeks to channel billions of dollars into decarbonization.