Climate solutions startup CarbonChain announced today that it has raised $10 million, with proceeds aimed at expanding its AI-powered carbon accounting platform.

Founded in 2019, UK-based CarbonChain’s carbon accounting platform automates emissions tracking with granular, asset-level data, providing companies and financial institutions with visibility into their Scope 3 and supply chain emissions. With data collection from across the value chain, from raw material extraction to consumption, the platform enables carbon traceability and product carbon footprinting, as well as allowing users to identify emissions reduction opportunities.

CarbonChain’s customers include thyssenkrupp Materials Services Eastern Europe, Societe Generale, Rabobank, Concord Resources, IXM, and Gunvor.

The company said that the proceeds from the financing will be used to build new carbon accounting and reporting products and to grow its team, as well as to expand its customer base in carbon-intensive value chains including manufacturing, commodities, and heavy industry.

Adam Hearne, CarbonChain CEO and co-founder, said:

“Our latest investment round kicks off a big year for CarbonChain: we are hiring for 30 new roles, and opening a New York office to better support the North American market. We are excited to expand our customer base and help move the global economy closer to net zero.”

The Series A funding round was led by venture investors Union Square Ventures and Voyager Ventures.

Rebecca Kaden, Union Square Ventures General Partner, said:

“CarbonChain has a team of passionate, expert engineers, data scientists, and sales leaders dedicated to tackling the world’s largest sources of GHG emissions. Their carbon accounting platform is becoming the go-to solution for leading companies in the commodities, metals manufacturing, trade finance, and logistics industries. We’re excited to have co-led this investment round enabling CarbonChain to continue expanding its customer base through these critical supply chains.”