The Dublin-based startup CarbonSpace just closed a €900k seed round which has been led by The Yield Lab Europe with Rockstart, the global accelerator-VC, as co-investor.
CarbonSpace was founded in 2020 and plans to use the funding to scale its business in the EU and the US with focus on food and forestry supply chains. The fresh capital will also be used to strengthen the startup’s technology core by integrating new sources of data and optimizing ML algorithms, finalize the self-onboarding platform and developing 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 has developed a satellite powered carbon footprint monitoring platform to bring a new level of transparency to these organizations. 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.
CarbonSpace CEO Oleg Demidov commented: “We’re happy to receive funding from the two leading funds in the agrifood sector. 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.”