CarbonChain, a London, UK-based AI-fueled carbon accounting platform using granular data to provide end-to-end visibility into the carbon footprint of a company's supply chain, raised $10 million in Series A funding.
The round was co-led by Union Square Ventures and Voyager Ventures.
The funds will be used to build new carbon accounting and reporting products, expand its customer base in the most carbon-intensive value chains (manufacturing, commodities, and heavy industry), and grow its team to meet increasing demand.
"CarbonChain helps climate-critical sectors take action by filling the data gap for supply chain emissions tracking with accuracy and granularity," said Adam Hearne, CarbonChain CEO, and co-founder. "Our latest investment round kicks off a big year for CarbonChain: we are hiring for 30 new roles, and opening a New York office to better support the North American market. We are excited to expand our customer base and help move the global economy closer to net zero."
CarbonChain provides companies and financial institutions with an accounting of Scope 3 and supply chain emissions and has delivered tremendous value to companies with complex supply chains.
The company's customers include thyssenkrupp Materials Services Eastern Europe, Societe Generale, Rabobank, Concord Resources, IXM, and Gunvor, among others.
Company: CarbonChain.io Limited
Round: Series A
Funding Month: April 2023
Lead Investors: Union Square Ventures and Voyager Ventures
Company Website: https://www.carbonchain.com/
Software Category: Carbon Accounting Software
About the Company: Founded in 2019, CarbonChain is a CPD-accredited solutions provider that empowers companies to make climate-conscious decisions to accelerate action toward a net-zero economy. Its AI-powered carbon accounting platform automates emissions tracking with accurate, granular, asset-level data for carbon-intensive supply chains, including metals, mining, and manufacturing. CarbonChain's methodology V0.94 has been validated by SGS and verified by Bureau Veritas for manufacturers, commodity traders, financiers, and freight firms to unlock unrivaled insight into carbon-related risks and opportunities in the near real time. CarbonChain is supported by the UK government's innovation arm (Innovate UK) and was part of the Y Combinator Summer 2020 cohort.