Climate tech startup Zuno Carbon has secured US$2.5 million in seed funding, led by Wavemaker Partners, a leading venture capital firm investing in enterprise, deep tech, and sustainability startups in Southeast Asia. Other investors participating in the seed funding include SEEDS Capital and Blue InCube Ventures.
This follows Zuno Carbon’s pre-seed round in June last year, bringing the total funds raised in the past 12 months to over US$3 million as the firm widens its presence globally. The strong support from VC firms is an endorsement of Zuno Carbon’s differentiated approach and technology.
The company’s latest Environment, Social, and Governance (ESG) management platform, Veridis, provides granular and auditable tracking of greenhouse gas emissions and reporting. The level of data granularity and comprehensive emission sources database allow for higher quality decarbonisation insights compared to other solutions.
Veridis helps companies capture operational data to monitor direct and indirect GHG emissions (Scopes 1, 2, and 3). Its application extends beyond reporting and accounting associated with carbon tracking solutions. Offering an added layer of granularity and reliability, the AI-powered platform analyses the data collected, generates sustainability reports based on global regulatory frameworks, and provides actionable recommendations.
“When it comes to climate-related disclosures, an industry survey showed that 35 per cent of executives said that data quality is a key challenge, and 86 per cent saying that monitoring Scope 3 (indirect emissions) remains an obstacle for them,” said Hari Nair, CEO and Co-Founder of Zuno Carbon. “We hope to address this gap by reconceptualising the decarbonisation process. Veridis generates the equivalent of blood test results to evaluate a company’s sustainability and identifies the material areas to tackle.”
“Decarbonisation is an urgent global concern, yet organisations of all sizes continue to face difficulties in managing emissions from supply chains and multiple assets, often settling for suboptimal solutions available in the market. With real-time emissions monitoring, comprehensive reports, and actionable recommendations, Zuno Carbon tackles the challenges of measuring even the most complex emissions. We believe that Zuno Carbon’s unique approach will establish a new standard for emissions tracking and reduction. We’re excited to join them on this journey of empowering heavy emitters to effectively decarbonise their operations,” said Andy Hwang, General Partner at Wavemaker Partners.
Veridis has been deployed in hard-to-abate sectors, including oil and gas, logistics, and real estate. The oil and gas industry alone is responsible for more than 40 per cent of global emissions, according to a McKinsey report.
Nair said Veridis has enabled companies in Singapore, Malaysia, and Saudi Arabia to reduce their carbon emissions through data-driven decisions. “We have helped our customers zero in on material areas, with granular insights that extend beyond numbers, reducing emissions more effectively. We hope to partner with many other companies to explore greener processes in their businesses and accelerate the race towards net zero.”
Since its establishment in 2020, Zuno Carbon has won several accolades, including the ARTC Startup Challenge 2021. In 2022, it bagged the first place in the Startup Arena Pitch Battle by Tech in Asia & East Ventures and is part of the Shell StartUp Engine Singapore programme.
Zuno Carbon was one of 10 startups selected in Google’s Climate Finance Accelerator programme, in which it pitched its solution to solve problem statements from leading financial institutions such as DBS, OCBC, and UOB. It also partners Microsoft under the Startups Founders Hub, an AI-focused accelerator that provides start-ups with expert guidance to scale their operations.
The collective funding of over US$3 million will be used to ramp up Zuno Carbon’s sales and marketing efforts, launch new features to further simplify compliance, and catalyse decarbonisation with real, tangible actions.
About Zuno Carbon
Founded in 2020, Zuno Carbon is an award-winning, climate tech Singapore-based startup that provides decarbonisation solutions for organisations of all sizes to take bold steps towards reducing their environmental impact. Zuno Carbon’s solution, Veridis helps companies to track their direct and indirect carbon emissions, identify hot spots and make data-driven carbon reduction decisions across their entire supply chain.
Its innovative approach to ESG management offers an added layer of granularity to accelerate the race towards net zero; differentiating Zuno Carbon from other available platforms. Zuno Carbon’s approach has won recognition and multiple accolades within the industry, including the Startup Arena Pitch Battle by Tech in Asia and East Ventures, as well as the ARTC Startup Challenge 2021.
For more information on Zuno Carbon, visit https://www.zunocarbon.com/.
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