Climate tech startup Carbon Re has raised £4.2m in seed funding for its AI platform that spots inefficiencies in energy-intensive industries to reduce carbon emissions.
Founded as a joint spinout of the University of Cambridge and UCL, a key focus for Carbon Re is the cement industry, which was the target of Carbon Re’s Delta Zero AI platform. The company claims its software can reduce over 50 kilotonnes of CO2 emissions a year per plant.
“At a time of escalating fuel prices and increasing emphasis on CO2 reduction targets, there is an urgent need for action,” said Sherif Elsayed, CEO of Carbon Re.
“Carbon Re is connecting the biggest challenge of our time – climate change – with the biggest opportunity – advances in AI. Our platform provides a unique solution for energy-intensive industries that delivers £2m in fuel cost savings.”
The platform uses machine learning to determine inefficiencies in plants and projects. Managers can use these insights to reduce emissions.
The seed funding came from Berlin-based investor Planet A Ventures, a VC firm specialising in backing climate startups. The round also saw follow-on investments from previous backers Clean Growth Fund, UCL Technology Fund, and Cambridge Enterprise.
“Energy-intensive materials, such as cement and steel, are the backbone of modern economies but they account for more than 20% of global CO2 emissions,” said Jan Christoph Gras, general partner at Planet A.
“Carbon Re’s state-of-the-art AI solution has the potential to tackle some of the toughest challenges on the road to a carbon-neutral future.”