According to the results of the funding round, the London-based startup Isometric received investment funds for $25 million, which will be used to implement initiatives in the field of combating climate change.
Lowercarbon Capital and Plural participated in this round, along with Niklas Zennström, co-founder of Skype and founder of the Atomico venture fund, David Helgason, founder of Unity Technologies, Ross Mason, founder of MuleSoft, and Ilkka Paananen, founder of Supercell.
Isometric, as part of the disbursement of the investments, will employ a large number of scientists and technologists, and will also direct part of the funds to intensify work on products designed for carbon removal. The firm plans to create a carbon removal registry. This array of information will be offered to enterprises that intend to receive credit funds for the implementation of climate protection efforts, and to various startups creating technologies to reduce the carbon footprint.
Isometric says it will introduce the first registry of high-quality and long-term carbon removal credits. Also on Tuesday, July 18, the company launched a scientific platform. On this platform, firms that carry out carbon removal activities will be able to publish the results of their work and share this information with those who are interested in getting acquainted with such data. For a startup, a new project is an opportunity to conduct verification based on reliable reports.
One of the first carbon removal startups on the Isometric platform will be Charm Industrial, specializing in the bio-removal of oil, Eion, engaged in rock weathering, Planetary, implementing efforts to increase the alkalinity of the ocean, and Brilliant Planet, focused on the burial of microalgae.
Eamon Jubbawy, founder and CEO of Isometric, has a wealth of experience working in the London technology space. His startups have diverse profiles. Some companies specialize in solving climate problems. Other firms are focused on corporate business. Eamon Jubbawy was a co-founder of identity verification startup Onfido and this year co-founded Sequence, a financial operations platform. He also took part in the creation of Safi, a company specializing in waste recycling.
Eamon Jubbawy says that Isometrics eliminates the gap that has been identified in the market. According to him, carbon dioxide emissions compensation is a popular measure to protect the climate system, but it does not eliminate the original cause of environmental pollution. He said that carbon markets work extremely poorly. Eamon Jubbawy says that against this background, there was a need to find alternatives and additions to existing environmental protection options. Carbon removal has become one of the main areas of climate monitoring.
As we have reported earlier, Zumo Launches Decarbonising Solution for Digital Assets.
