LONDON, March 31, 2022 /PRNewswire/ — Global carbon management startup Emitwise today announces the closing of its Series A funding round. The climate tech company is aiming to accelerate the rapid decarbonisation of the economy in order to meet global emissions targets.
The $10m investment, led by Xplorer Capital, will enable further development of its AI-driven carbon accounting software and deeper partnership with the manufacturing sector. Alongside Xplorer Capital there was strong participation from Outsized Ventures, True Ventures, and ArcTern Ventures.
With increasing pressure from investors, regulators, customers and stakeholders, businesses urgently need to understand their emissions and how to drive them down if they’re to remain competitive in years to come. To have the most significant impact, Emitwise is targeting the largest emitters – in the manufacturing and industrial sectors – first.
Historically, identifying carbon hotspots within large organizations, particularly those with complex supply chains, has proven prohibitively expensive, inaccurate and time consuming. By automating the integration and calculation of carbon data, Emitwise’s software allows large multinationals to measure, track and reduce their emissions across their own operations – as well as that of their supply chains – in a cost-effective way.
In an oversubscribed funding round, investors were selected for their strategic insight and market-specific knowledge, as well as strong track records in supporting complex operational delivery.
To further the business’ growth ambitions, former Unilever executive, Steve Bianchi, has been appointed Chief Operating Officer. With a career spanning nearly 30 years, including time spent at Unilever, Deutsche Bank and Zalando, he brings a wealth of expertise in talent acquisition, people management and productivity planning. Steve will be instrumental in creating the service and delivery infrastructure required to scale the company, directly managing the Customer Impact Division and the People & Talent team.
Mauro Cozzi, CEO and Co-Founder of Emitwise, commented on the announcement, “Significantly reducing carbon is both a planetary and business imperative. With businesses under ever-increasing scrutiny, the need for accurate and accessible emissions data is critical. Emitwise democratizes carbon information across a business’ supply chain so that decision-makers at every level can work towards all-out transformation. Our product has been designed to address customers’ pain points around data collection, transparency and analysis, and enables those in the highest polluting sectors to make critical decisions at a micro level.
“To announce this funding round alongside the hiring of Steve Bianchi further highlights the extent of our growth ambitions. Steve brings an extraordinary level of experience in operational development and a passion for attracting and retaining great talent.”
Nathan Feltz, Principal at Xplorer Capital said, “Every company needs to execute a decarbonization journey to remain competitive, and Emitwise has built the platform to help them. They have the technology and the team to emerge as the best-in-class standard for carbon management.”
Emitwise is an AI-driven carbon management platform that empowers companies to automatically measure, report and reduce their carbon footprint across their operations and supply chain, future-proofing businesses for a zero-carbon world.
Source - PR Newswire