The former chief executive of Uber Technologies Inc (NYSE:UBER), Ryan Graves, has participated in a funding round alongside a number of other Silicon Valley investors to raise US$3.4mln for Emitwise, a company developing technology allowing companies to track their carbon emissions and those of their supply chains in real time.
London-based Emitwise said the technology will allow companies to quickly identify carbon hotspots in their organisation to implement reduction strategies and meet sustainability target, as opposed to current models of carbon accounting which are often expansive, backwards-looking or inaccurate.
The software operates by collecting data from company sources and then aggregating it with other emissions data to present a synthesised picture of emissions from company activities.
“We started Emitwise to fight climate change. Companies can make a massive difference by setting ambitious targets to cut emissions in their business and supply chain. We want to help them support the transition to a low-carbon world by making it easy to plan and implement cost-effective strategies that combine sustainability with profitability”, Emitwise chief executive Mauro Cozzi said in a statement.
The backing of Emitwise by Graves and other investors comes amid a growing interest in the carbon footprint management market as both company’s and countries target increasingly strict emission reduction policies to combat climate change.
The market is forecast to grow to US$12.2bn by 2025 from US$9bn in 2020, a compound annual growth rate (CAGR) of just over 6%.