Dublin and New York business CarbonSpace has developed a carbon tracking platform.
Dublin firm CarbonSpace has raised €900,000 in a seed round led by The Yield Lab Europe and Rockstart as co-investor.
CarbonSpace plans to use the funding to scale its business in the EU and the US with a focus on food and forestry supply chains; to strengthen its technology core by integrating new sources of data and optimising machine learning (ML) algorithms, to finalise the self-onboarding platform and to develop new products.
“The CarbonSpace platform can be an effective tool to guide public and corporate investment and to facilitate the global transition to Net Zero”
“Our immediate plan is to scale business development efforts in the food and forestry markets and help more customers quantify the carbon footprint of the farms, fields and forests within their supply chains,” said CarbonSpace CEO Oleg Demidov.
“Another focus area is tracking the performance of nature-based solutions globally. The CarbonSpace platform can be an effective tool to guide public and corporate investment and to facilitate the global transition to Net Zero.”
Greater transparency on the road to Net Zero
Emissions from agriculture, forestry and other land use (AFOLU) account for 20pc to 24pc of global emissions. However, companies in the food and forestry sectors lack scalable and cost-effective instruments to measure the footprint of their operations and supply chains.
Founded in 2020, CarbonSpace has developed a satellite powered carbon footprint monitoring platform to bring a new level of transparency to these organisations. CarbonSpace’s proprietary AI core processes several layers of satellite, sensor, and inventory data, which yields high spatial and temporal resolutions and allows for reliable assessments across geographies.
“We are really excited to invest in CarbonSpace and be part of the journey to bring a new level of transparency to carbon footprint monitoring,” said David Bowles, general partner at The Yield Lab Europe.
“Their technology is set to create the global standard and make a real, measurable impact on carbon emissions.”
Mark Durno, managing partner at Rockstart added: “Our reason to invest in 2020 was to help the team apply their impressive tech competencies to a worthy mission – finding a way to help land managers reduce carbon emissions. With this new round, we continue to support the team in commercial roll out, and we are excited for the progress we are already seeing.”