UK firm secures investor backing to develop technology that uses real-time data and machine learning to automate the carbon accounting process for companies
A London tech startup that makes automated carbon tracking and accounting software for corporates has raised $3.4m from a raft of Silicon Valley investors, including former Uber CEO Ryan Graves.
Emitwise, which has developed a software that harnesses real-time data and machine learning in a bid speed up the carbon accounting and reporting process for big companies, announced today that it has clinched funding from investors including Graves' Saltwater Capital in a funding round led by Silicon Valley venture capital firm True Ventures. Investors Social Impact Capital and Ashby Monk also participated in the funding round.
Emitwise believes that its software platform, which tracks and reports emissions in real time as they are generated across a company's operations and supply chain, is well placed to capitalise on the fast growing number of firms unveiling carbon reduction and net zero goals.
"Companies can make a massive difference by setting ambitious targets to cut emissions in their business and supply chain," company co-founder Mauro Cozzie said. "We want to help them support the transition to a low-carbon world by making it easy to plan and implement cost-effective strategies that combine sustainability with profitability."
Emitwise claims its software can count carbon "at least twice as fast" as traditional, manual carbon accounting approaches, thereby freeing-up time for corporate sustainability teams to focus on CO2 reduction strategies.
The software also allows companies to target specific areas for improvement, and to benchmark and monitor the emissions produced by their broader supply chain, Emitwise said. "Emitwise enables companies to get a swift understanding of their current performance and identify easy, high impact wins," the company explained.
Sarah Cane, founder and managing partner at Social Impact Capital, predicted an increased demand for carbon accounting solutions like Emitwise as more companies committed to aligning their strategies with global climate goals.
"Companies with zero carbon goals are already getting ahead and reaping the rewards, and soon every company will do carbon accounting like they do financial accounting," she said. "We spent two years conducting intensive due diligence in the carbon accounting space, and without a doubt, Emitwise is the best solution."