CarbonChain, a carbon accounting platform powered by artificial intelligence that provides a detailed view of a company’s supply chain emissions, has raised $10 million in a Series A funding round co-led by Union Square Ventures and Voyager Ventures.
The funds will be used to develop new carbon accounting and reporting products, expand the customer base in carbon-intensive industries such as manufacturing and commodities, and grow the team to meet increasing demand.
Global trade worth over $20 trillion a year is responsible for 60% of global emissions. CarbonChain addresses the challenge of accurately measuring and reporting carbon footprints by providing precise accounting of Scope 3 and supply chain emissions, which account for up to 90% of a company’s carbon footprint.
CarbonChain incorporates data from resource extraction to consumption to enable traceability, product carbon footprinting, and identification of reduction opportunities.
CarbonChain has already helped companies with complex supply chains by quantifying emissions intensity, providing clear value to traders, manufacturers, and financiers who recognize the liabilities inherent in emissions-intensive supply chains and see the benefits of improving them.
The platform’s value is expected to increase with major regulations from the U.S. and European Union and the growing demand for emissions-intensive goods and services. CarbonChain’s customers include Societe Generale, Rabobank, thyssenkrupp Materials Services Eastern Europe, Concord Resources, IXM, and Gunvor.
“CarbonChain helps climate-critical sectors take action by filling the data gap for supply chain emissions tracking with accuracy and granularity. 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.”
Adam Hearne, CarbonChain CEO and co-founder.