Carbon Re, a London, UK-based climate tech company building state-of-the-art AI to decarbonize energy-intensive industries, raised £4.2 million in seed funding to scale up the development and deployment of its novel technology.
The round was led by Planet A Ventures, a Berlin-based green tech venture capital firm, with participation from the Clean Growth Fund, UCL Technology Fund, and Cambridge Enterprise.
The new funding will enable Carbon Re product roll-out into the global cement market and expand into other energy-intensive industries, such as steel and glass.
Carbon Re's Delta Zero AI platform enables the highly pollutive cement industry to reduce over 50 kilotonnes of annual CO2 emissions per plant. Each installation of the software saves as much CO2 as taking 11,000 cars off the road.
Sherif Elsayed-Ali, CEO of Carbon Re, said, "At a time of escalating fuel prices and increasing emphasis on CO2 reduction targets, there is an urgent need for action. Carbon Re is connecting the biggest challenge of our time—climate change—with the biggest opportunity—advances in AI. Our cement plant trials have demonstrated that Delta Zero can deliver dramatic CO2 savings on a near-live basis. "Our platform provides a unique solution for energy-intensive industries that delivers £2 million in fuel cost savings and 50,000 tonnes of CO2 savings per plant. This latest funding round will enable us to accelerate our mission to reduce carbon emissions by gigatonnes every year."
Carbon Re's software has already been utilized in experimental projects to reduce fuel use and CO2 emissions by up to 10% at cement plants in Europe, Asia, and the Americas in less than two years.
Company: Carbon Re Ltd
Round: Seed Round
Funding Month: November 2022
Lead Investors: Planet A Ventures
Additional Investors: Clean Growth Fund, UCL Technology Fund, and Cambridge Enterprise
Company Website: https://carbonre.com/
Software Category: AI-based industrial decarbonization technology
About the Company: Carbon Re is an industrial AI company spun out of Cambridge University and UCL that provides an AI and climate technology software solution. Carbon Re builds an advanced AI platform for industrial decarbonization: Delta Zero. Carbon Re's cloud-based Delta Zero platform models the unique production environment of each plant and uses advanced machine learning and AI techniques to achieve previously out-of-reach operational efficiencies. Delta Zero continuously analyzes manufacturing data to enable plant operators to optimize production processes on a near-live basis. Carbon Re is on a mission to reduce carbon emissions by gigatonnes every year through AI technology. It focuses on energy-intensive industries such as cement, steel, and glass, which are responsible for more than 20% of global emissions.