Sylvera, a London-based startup, has secured Â£24m in funding to develop its carbon offset ratings platform. The platform aims to provide transparency and accountability in the carbon offset market, which has been criticized for lack of regulation and verification.
Carbon offsetting is a process where companies or individuals pay to offset their carbon emissions by investing in projects that reduce greenhouse gas emissions. However, the effectiveness of these projects is often difficult to measure, and there have been cases of fraud and mismanagement in the carbon offset market.
Sylvera’s platform uses satellite imagery and machine learning algorithms to monitor and verify carbon offset projects. The platform will provide a rating system that assesses the effectiveness of carbon offset projects based on their impact on reducing greenhouse gas emissions.
The funding round was led by Index Ventures, with participation from existing investors, including Seedcamp and Speedinvest. The funding will be used to expand the team and develop the platform further.
Sylvera’s platform has already gained interest from major companies, including Microsoft, which has committed to becoming carbon negative by 2030. The platform will enable companies to make informed decisions about which carbon offset projects to invest in, ensuring that their investments have a real impact on reducing greenhouse gas emissions.
The carbon offset market is expected to grow significantly in the coming years, as more companies and individuals seek to reduce their carbon footprint. Sylvera’s platform has the potential to become a key player in the market, providing much-needed transparency and accountability.
The funding round is a significant milestone for Sylvera, which was founded in 2018 by Dr. Allister Furey and Sam Gill. The company has already made significant progress in developing its platform, and the funding will enable it to accelerate its growth and impact.
In conclusion, Sylvera’s platform has the potential to revolutionize the carbon offset market, providing transparency and accountability in an industry that has been criticized for lack of regulation and verification. The funding round is a significant milestone for the company, and we look forward to seeing the impact that Sylvera will have on the fight against climate change.