Aramco Ventures led $9.5 Mn funding secured by climate tech startup Mitti Labs
Aramco Ventures, Saudi Aramco’s venture capital division, led the $9.5 million fundraising round for climate tech firm Mitti Labs. Lightspeed India, Godrej Industries Group, Cisco Foundation, Francis Family Fund, and Volta Circle were among the new and existing investors that took part.
Prior to this, the startup had raised $3 million.
According to a press statement from Mitti Labs, the new funding will be utilized to increase its footprint throughout India as well as in the Philippines and Indonesia.
Mitti Labs, co-founded in 2023 by Devdut Dalal and Xavier Laguarta Soler, supports water-efficient farming methods with satellite imagery and artificial intelligence. By confirming that these methods reduce emissions, the company creates carbon credits, which it then sells to businesses aiming to achieve net zero emissions.
Mitti Labs operates in the AgTech, climate smart agriculture, digital Measurement, Reporting and Verification (dMRV), and carbon credits sectors. Its headquarters are located in Bengaluru and New York. The company claims to deal with tens of thousands of farmers on more than 70,000 hectares in several Indian states.
According to Mitti Labs, this technique can cut methane emissions by about 50% and water use by up to 40%. It creates digital twins of individual rice plots for monitoring and carbon accounting by combining ground-level field observations with pictures from synthetic aperture radar (SAR) satellites. Additionally, the company reported that Sylvera, a carbon credit rating organization, gave its projects in Andhra Pradesh and Telangana a ‘A’ rating.
