Zuno Carbon, a Singapore-based startup in climate technology, has received $2.5 million in seed funding from Wavemaker Partners, a venture capital firm that finances deep tech, enterprise, and sustainability startups throughout Southeast Asia.
SEEDS Capital and Blue InCube Ventures are two additional investors taking part in the seed funding, according to a statement released by Zuno Carbon on Tuesday.
As the company expands its global presence, this comes after Zuno Carbon’s pre-seed round in June of last year, bringing the total funds raised in the last 12 months to over $3 million.
The announcement states that the combined funding of more than $3 million will be used to increase Zuno Carbon’s sales and marketing efforts, introduce new features to further simplify compliance, and catalyze decarbonization with actual, practical actions.
According to Zuno Carbon, the strong backing from venture capital firms validates the company’s unique strategy and technology.
Veridis, the organization’s most recent environment, social, and governance (ESG) management platform, is claimed to offer granular and auditable tracking and reporting of greenhouse gas emissions.
It claimed that compared to other solutions, the level of data granularity and extensive emission sources database allows for higher quality decarbonization insights.
As mentioned in Scopes 1, 2, and 31, Veridis assists businesses in gathering operational data to track direct and indirect greenhouse gas (GHG) emissions.
Its use goes beyond the accounting and reporting features common to carbon tracking solutions.
The platform, which is powered by artificial intelligence (AI), analyzes the data gathered, produces sustainability reports based on international regulatory frameworks, and offers actionable recommendations.
“When it comes to climate-related disclosures, an industry survey showed that 35 percent of executives said that data quality is a key challenge, and 86 percent said that monitoring Scope 3 (indirect emissions) remains an obstacle for them,” said Hari Nair, Chief Executive Officer and Co-Founder of Zuno Carbon.
“We hope to address this gap by reconceptualizing the decarbonization process. Veridis generates the equivalent of blood test results to evaluate a company’s sustainability and identifies the material areas to tackle,” he said.
Zuno Carbon is a climate tech startup that was established in 2020 and offers decarbonization solutions for businesses of all sizes to take significant actions to lessen their environmental impact.
