Friday 25 February 2022

Climate tech and environmental assessment company raises $111m

Denver-based Project Canary, a climate technology and environmental assessment company, raised $111 million (£82.7m) in its latest round of funding.

The data analytics firm provides environmental assessments and continuous monitoring solutions at the facility level to allow companies to measure and improve their operations and emissions profiles.

Project Canary will use the investment to scale its core solutions and expand to new sectors to help companies reach a net zero future, with a focus on reducing methane.

The new investors bring software as a service (SaaS), climate technology, energy transition and industry expertise to support the firm's expansion throughout the energy lifecycle and into other emission-intensive sectors.

Project Canary CEO and Co-founder Chris Romer said: “The measurement economy has arrived – expectations for precise, verified environmental action are the new normal.

“We provide net zero proof with trusted data that demonstrates ESG progress to all stakeholders. You can't get to net zero using estimates.”

The investment round was led by Insight Partners, with other investors including Brookfield Growth, Canada Pension Plan Investment Board and Carica Sustainable Investments.

Matt Gatto, Managing Director at Insight Partners added: “Software-based solutions are key to helping companies understand emissions profiles and take the meaningful action needed to alter the course of climate change.

“Project Canary has a viable, measurement-based model for helping companies mitigate climate impacts and we at Insight are excited to help them reach their high-growth potential.”