CarbonChain Secures $10M Series A Funding to Accelerate AI-Driven Carbon Accounting Solutions for Sustainable Supply Chains

April 25, 2023

London-based CarbonChain has successfully raised $10 million in Series A funding, co-led by Union Square Ventures and Voyager Ventures. The funding will play a crucial role in the company's expansion, focusing on the development of new carbon accounting tools, expanding its customer base in carbon-intensive sectors, and growing its team. CarbonChain, founded in 2019, is at the forefront of addressing the global challenge of carbon emissions by providing an AI-fuelled carbon accounting platform.

The startup, led by CEO Adam Hearne, is dedicated to empowering companies to make environmentally conscious decisions, contributing to the global effort to achieve a net-zero economy. CarbonChain's unique AI-powered platform automates emissions tracking with precise, granular, asset-level data, specifically targeting carbon-intensive supply chains, including metals, mining, and manufacturing.

The company's innovative methodology, V0.94, has received validation from SGS and verification from Bureau Veritas. This endorsement ensures that CarbonChain's approach aligns with global carbon accounting standards, specifically the GHG Protocol. This level of accuracy and transparency is crucial in providing manufacturers, commodity traders, financiers, and freight firms with unparalleled insight into carbon-related risks and opportunities in near real-time.

Notable customers of CarbonChain include thyssenkrupp Materials Services Eastern Europe, Societe Generale, Rabobank, Concord Resources, IXM, and Gunvor. These partnerships reflect CarbonChain's impact on diverse sectors, demonstrating the versatility and effectiveness of its carbon accounting platform.

One key focus for CarbonChain is Scope 3 emissions, which constitute up to 90% of a company's carbon footprint, as highlighted by the World Economic Forum. CarbonChain takes a comprehensive approach by collecting data from the extraction of resources, through raw material processing, to the point of consumption. This data is then used to generate a detailed map of carbon traceability and accountability, helping organisations identify opportunities for emission reduction.

The accuracy of CarbonChain's methodology has gained recognition from Bureau Veritas and SGS, providing credibility to its approach. With these endorsements, CarbonChain is well-positioned to address the growing demand for accurate carbon accounting solutions, especially as global regulations and market pressures increase.

CEO Adam Hearne expressed enthusiasm about the recent funding round, stating, "CarbonChain helps climate-critical sectors take action by filling the data gap for supply chain emissions tracking with accuracy and granularity." He further highlighted the company's plans for expansion, which include hiring for 30 new roles and opening a New York office to better support the North American market.

Rebecca Kaden, General Partner at Union Square Ventures, commended CarbonChain's team, stating, "Their carbon accounting platform is becoming the go-to solution for leading companies in the commodities, metals manufacturing, trade finance, and logistics industries."

Jörg Heiles, CEO Operating Unit Materials at thyssenkrupp Materials Services Eastern Europe, emphasised the critical role of CarbonChain's solution in achieving emissions transparency within supply chains. He noted the importance of collaboration with suppliers to build high-fidelity emissions transparency and make informed decarbonisation decisions at various levels.

Deia Markova, Head of Trade and Sustainable Commodity Finance at Societe Generale, highlighted the urgency of addressing the climate emergency and commended CarbonChain's contribution to clients' decarbonisation journeys through innovative technology.

The successful funding round marks a significant milestone for CarbonChain, enabling the company to continue its mission of providing accurate and granular carbon accounting solutions to help industries achieve sustainability goals. As the global economy moves closer to a net-zero future, CarbonChain's role in facilitating climate-conscious decisions becomes increasingly vital.