Carbon footprint start-up CarbonSpace raises €900k
13 October 2021 | 0
CarbonSpace has finalised a €900,000 seed round led by The Yield Lab Europe and Rockstart as co-investor. The start-up 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 ML algorithms, to finalise the self-onboarding platform and to develop new products.
Emissions from agriculture, forestry, and other land use (AFOLU) account for 20-24% 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, The Yield Lab Europe. “Their technology is set to create the global standard and make a real, measurable impact on carbon emissions.”
“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,” added Mark Durno, managing partner AgriFood, Rockstart. “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.”
“We’re happy to receive funding from the two leading funds in the agrifood sector,” said Oleg Demidov, CEO, CarbonSpace. “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. 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.”
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