London-based Emitwise pulls in €9 million for its AI-driven carbon accounting software

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Climate tech startup Emitwise has closed its Series A funding round with a €9 million investment. The London-based startup is on a mission to accelerate the rapid decarbonisation of the economy and become the standard for carbon management processes. 

The funding was led by Xplorer Capital with participation from Outsized Ventures, True Ventures, and ArcTern Ventures. This comes after a €5.4 million boost in May 2021. 

In the landscape of increasing awareness of the importance of reducing carbon emissions and embedding greener practices in business approaches, Emitwise, launched in 2019, is an AI-driven carbon management platform that empowers companies to automatically measure, report and reduce their carbon footprint across their operations and supply chain. The aim is to future-proof businesses for a zero-carbon world.

Businesses are coming under sustained pressure from investors, regulators, customers and stakeholders to take action and they urgently need to understand their emissions and how to drive them down if they’re to remain competitive in years to come. To have the most significant impact, Emitwise is targeting the largest emitters – in the manufacturing and industrial sectors – first. 

Mauro Cozzi, CEO and Co-Founder of Emitwise, said: “Significantly reducing carbon is both a planetary and business imperative. With businesses under ever-increasing scrutiny, the need for accurate and accessible emissions data is critical. Emitwise democratizes carbon information across a business’ supply chain so that decision-makers at every level can work towards all-out transformation. Our product has been designed to address customers’ pain points around data collection, transparency and analysis, and enables those in the highest polluting sectors to make critical decisions at a micro level.” 

Historically, identifying carbon hotspots within large organizations, particularly those with complex supply chains, has proven prohibitively expensive, inaccurate and time-consuming. By automating the integration and calculation of carbon data, Emitwise’s software allows large multinationals to measure, track and reduce their emissions across their own operations – as well as that of their supply chains – in a cost-effective way.

Alongside this funding injection, Emitwise is also fueling growth with a change-up of management, bringing former Unilever executive, Steve Bianchi on board as COO. With a career spanning nearly 30 years, including time spent at Unilever, Deutsche Bank and Zalando, he brings a wealth of expertise in talent acquisition, people management and productivity planning.

Nathan Feltz, Principal at Xplorer Capital said: “Every company needs to execute a decarbonization journey to remain competitive, and Emitwise has built the platform to help them. They have the technology and the team to emerge as the best-in-class standard for carbon management.”