London’s carbon data firm, Sylvera, has procured a significant $57m in a recent Series B funding round.
The innovative startup, nestled in the bustling heart of London, is set to make a major impact in the realm of carbon data.
The substantial funding round was led by venture capitalist firm Balderton and attracted a plethora of high-profile investors. These included the likes of Index Ventures, Insight Partners, Bain & Company, Salesforce Ventures, Speedinvest, Seedcamp, LocalGlobe, Fidelity Strategic Ventures, and 9Yards Capital.
In the ever-important fight against climate change, Sylvera plays a pivotal role. The company employs an array of carbon measurement methodologies, alongside the application of climate science, to rate carbon capture, removal or emissions avoidance projects. This ultimately provides validated net zero benchmark figures.
These methodologies are not rooted in simple data collection. Sylvera leverages advanced technologies, such as satellite imagery, 3D scans, and a multitude of other data sources. This wealth of data is then funnelled into a series of algorithms which can determine the volume of carbon stored in trees and produce a comprehensive rating.
This funding, Sylvera has stated, is set to be utilised to strengthen its engineering and product teams, paving the way for its much-anticipated international expansion into the US market.
“Sylvera is changing the game,” said Sylvera CEO and co-founder Allister Furey. “There is a serious lack of data to demonstrate progress against net zero targets and to prove that carbon emissions are actually being reduced or removed from the atmosphere. This uncertainty has created inaction. Our technology ensures funding is going to the projects, companies, and countries having maximum climate impact to get the world on track for net zero. In time, this data will create much-needed financial incentives, such as higher share prices and cheaper borrowing, for organisations taking serious net zero action.”
Since early 2022, Sylvera has made significant strides, expanding its customer base sevenfold. This has led to the firm garnering the trust of notable entities such as The World Economic Forum, Bain & Company, Chevron, Salesforce, Mitsubishi, and BCG.
Previous investments into Sylvera have been fruitful, with the company raising over $95m since late 2020.
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global
