Emitwise, a startup that claims its AI platform can measure greenhouse gas emissions from companies and their supply chains, has added to its seed funding round by $3.2 million, bringing its total seed funding raised to $6.6 million. ArcTern Ventures led the $3.2 million raise. Also participating were angel investors including Peter Harrison, the CEO of Schroders; Magnus Rausing; and Saltwater (Uber co-founder Ryan Graves’ investment firm). Other investors include True Ventures, Social Impact Capital, Lightbird Ventures and others.
The company claims its platform will automate carbon accounting across a supply chain; identify emissions hotspots; integrate with ERP systems; and complies with auditing and disclosure systems like CDP, GHG and TCFD.
Mauro Cozzi, Emitwise co-founder and CEO, said in a statement: “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 realize the major economic upsides of the transformation.”
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.”
Emitwise competes to some extent with other startups in this space including Watersheds and Plan A, which also recently raised a round of funding.