Business

Carbon-Data Startup Silvera Raises $57 Million to Tackle Climate Change

By Belal Awad · August 2, 2023

In brief…

UK-based carbon data provider Sylvera closed $57 million in funding to expand operations to the U.S.
Sylvera's software provides transparency in managing carbon emissions, using satellite data and machine learning to validate carbon credits.
The company serves a wide clientele, including banks, asset managers, governments, and corporations.
The U.S. market accountd for nearly 40% of Sylvera's business.
CEO Allister Furey says the global trend towards achieving net-zero emissions is inevitable.

A member of the Sylvera team in Cameroon. The UK-based carbon-data provider plans a major rollout into the U.S. Sylvera

UK-based carbon-data provider Sylvera, announced it has raised $57 million in a Series B funding round. The funds will be used to expand the company’s operations in the United States, marking a significant milestone for the firm that launched in 2020.

Silvera’s software provides transparency in managing carbon emissions, aligning with the global goal of achieving net-zero emissions by 2050. Sylvera’s CEO Allister Furey told Bloomberg News that their data process establishes the validity of carbon credits, ensuring they accurately represent a ton of CO2 removed from the atmosphere. To achieve this, Silvera utilizes satellite data and machine learning to assess the credibility of the claims made by credit vendors and corporations that utilize these credits.

Furey explained, “You wouldn’t want an accounting net zero that didn’t align with what the atmosphere truly experienced. So, that’s where we fit into this space.”

Furry said Silvera’s clients span a wide spectrum, including tier-one banks, commodity traders, asset managers, governments, and corporate buyers. With an established U.S. customer base now comprising up to 40% of Silver’s business, Furey said it’s time to strengthen the company’s presence across the Pond. He believes the 2022 Inflation Reduction Act signals a turning point for the US market.

While debates over climate change and sustainability rage on, Furey remains focused on the facts and the future: “The challenge for climate really should not be a political one. It has become politicized. But… the long-term trend is basically forced by the physics. Whatever the politics are on a month-to-month, quarter-to-quarter basis, you only have to look out the window, read the newspaper to see the impacts coming home. So, the policy response on a global level is inevitable. We see… China, Europe plowing ahead. So, you may have laggard governments who are a little bit behind temporarily because of the kind of political weather. But the direction of travel is pretty clear.”

This comes as scientists warn 2023 could be the hottest year on record, as extreme weather, heatwaves and storms batter the US, Europe and Africa.

Furey believes the need for accurate data to manage risk and align with a net-zero world will remain in strong demand, regardless of the politicals, adding, “The secular trend that is clearly in favor of action on climate, that’s on the private and the policy sector. It’s one of the most resilient parts of the venture space for sure”.