The carbon footprint tracking company CarbonSpace plans to invest the €900,000 in funding it was recently allocated to scale up its business in the EU and the US, with a focus on food and forestry supply chains.
Founded in 2020, CarbonSpace has developed a satellite-powered carbon footprint monitoring platform to bring a new level of transparency to a range of industries.
The funding was provided by The Yield Lab Europe and Rockstart.
The Dublin-based startup, which also has offices in New York, will aim to strengthen its technology core by integrating new sources of data 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.
CarbonSpace processes several layers of satellite, sensor, and inventory data, which allows for reliable assessment.
Oleg Demidov, CarbonSpace CEO commented:“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”.
David Bowles, general partner, The Yield Lab Europe said: “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.
“Their technology is set to create the global standard and make a real, measurable impact on carbon emissions.”
Mark Durno, managing partner agri-food 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.”