Emitwise, an AI-powered software platform that addresses corporate exposure to carbon, has received an additional $3.2m in funding, increasing the its total funding to $6.6m awarded in the last 12 months.
The carbon accounting platform allows companies to automate the measurement, reporting and reduction of greenhouse gas emissions to underpin corporate climate action. The firm specialises in embedding science-based trajectories that cut emissions from company supply chains at the quantity and speed needed to constrain global warming to 1.5°.
Emitwise co-founder and CEO Mauro Cozzi said: “With leaders set to ratchet up global climate ambition at the upcoming COP26 climate summit, there’s never been more certainty amongst corporates and investors: carbon equals cost and risk. A net zero-aligned model is a proxy for profit, efficiency and resilience and we’re committed to helping firms realise the major economic upsides of the transformation.
The platform enables companies and investment funds to track the carbon footprint of business operations and investments in real-time, with data flows that underpin tangible targets and drive consistent emission reductions. By enabling carbon data to flow efficiently between a company, its supply chain, and its climate initiatives, the software provides a clear audit trail that steers action. The software allows for:
- Automated carbon accounting across the entire supply chain – scope 1, 2, and 3 emissions.
- Artificial intelligence identifies emissions hotspots, enabling teams to set, track and achieve carbon reduction targets.
- Integration with enterprise resource planning (ERP) systems and raw data across all emission categories within the proprietary Emitwise Carbon Calculator.
- Compliance with auditing and disclosure systems like CDP, the GHG Protocol, and the Task Force on Climate-related Financial Disclosures (TCFD).
The latest investment raise was led by cleantech venture capital firm ArcTern Ventures, and was supported by a number of individual investors including as Peter Harrison, the CEO of Schroders; and Magnus Rausing; plus Saltwater (Uber Co-Founder Ryan Graves’ investment firm) (which has doubled down with a second investment in Emitwise).
Harrison said: “By 2050 we may find the pandemic will be dwarfed by the consequences of unchecked global warming. Investors are primed to support the net zero transformation. Through full carbon disclosure, Emitwise’s robust, action-oriented carbon accountancy approach is a key tool for re-orientating business for net zero greenhouse gas emissions by 2050.”
Marc Faucher, ArcTern Ventures, said: “Enterprises face mounting pressure from customers, investors, and regulators to disclose accurate environmental data. Emitwise gives a clear line of sight to supply chain carbon which is critical for instilling effective mitigation strategies and incentives. Here at ArcTern Ventures, we believe Emitwise’s software platform is a game-changer that sets new standards in universal carbon footprint reporting.”