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Sylvera secures $57 million in funding to drive carbon trading transparency

London-based climate intelligence startup, Sylvera, has closed a substantial $57 million Series B funding round. It was led by Balderton Capital, with participation from existing investors Index Ventures, Insight Partners, Salesforce Ventures, and others. New investors Fidelity International Strategic Ventures, Bain & Company, and 9Yards Capital have also joined the round.

Sylvera secures $57 million for carbon trading transparency_sunset behind Mount Washington in New Hampshire_visyal 1Aerial view of a sunset behind Mount Washington, New Hampshire.

Sylvera's mission is to fill the data gap in carbon credit accounting. With a total external investment of almost $100 million since its founding in 2020, the company aims to provide reliable data and ratings on carbon offset projects, supporting customers in their net-zero goals.

The Series B funding will be utilised for Sylvera's expansion into the United States market, where it plans to open a New York office and build a local team to target US financial services companies and the asset management industry. The funding will also enable further recruitment to bolster the engineering and product teams, thus driving transparency in carbon trading markets.

Erik Mostenicky from Fidelity International Strategic Ventures expressed excitement about the investment and the focus on asset management use cases. This is because Sylvera's data platform allows investors to evaluate net-zero plans of companies globally better and create sustainable investment products. Since its previous funding round, Sylvera has grown its customer base sevenfold, including major names like S&P Global, Salesforce, BCG, and Mitsubishi.

Read more: Net zero: benefits, challenges, strategies, and the power of nature-based solutions

Sylvera positions itself as an independent data layer, providing unbiased analysis and data science to companies seeking robust information on carbon offsetting projects to support their net-zero targets. Unlike carbon credit marketplaces, Sylvera does not sell carbon credits and is not paid by carbon project developers for rating their projects.

Sylvera uses a variety of sensing technologies, such as lidar and radar, to collect ground data on carbon sequestration. This data is then combined with satellite data through machine learning models to ensure the accuracy of carbon offset projects.

Sylvera believes in rigorous assessment methodologies, creating consensus-based tests in consultation with the market to avoid any perception of bias. The startup aims to address concerns about the credibility and quality of carbon offsetting projects, providing a reliable solution for companies to achieve their carbon neutrality targets.

While carbon offsetting has faced challenges, Sylvera's approach to robust data sampling and methodical data science offers a path towards effective carbon sequestration. Its expertise allows it to assess various carbon offset projects, including nature-based solutions and innovative carbon removal technologies, thereby contributing to a sustainable future.

Read more: US Agriculture Department invests $300 million to measure carbon capture in agriculture

DGB Group stands at the forefront of innovative technologies like AI, blockchain, big data, and drones, which enable us to measure and validate high-quality nature-based projects aimed at generating AAA-rated carbon credits. Our commitment lies in providing accessible and transparent solutions, appealing to businesses, investors, and individuals who share our dedication to nature conservation. By participating in our projects, stakeholders actively contribute to ecosystem restoration, biodiversity preservation, and the battle against climate change. Together, we can forge a future where we harmoniously coexist with nature, securing a sustainable and flourishing planet for generations to come.

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