The Zuno Carbon team
Singapore-headquartered climate-tech startup Zuno Carbon has secured US$2.5 million in seed funding led by Wavemaker Partners.
SEEDS Capital and Blue InCube Ventures also participated.
This brings the total funds raised by Zuno Carbon in the past 12 months to over US$3 million and follows a pre-seed round in June last year.
The money will be used to ramp up Zuno Carbon’s sales and marketing efforts, launch new features to simplify compliance and catalyse decarbonisation with real, tangible actions.
Founded in 2020, Zuno Carbon provides decarbonisation solutions for organisations of all sizes to reduce their environmental impact.
Its ESG (Environment, Social, and Governance) management platform, Veridis, helps companies track their direct and indirect carbon emissions, identify hot spots and make data-driven carbon reduction decisions across their entire supply chain.
Also Read: Zuno Carbon closes pre-seed funding to help organisations simplify carbon accounting
Veridis helps companies capture operational data to monitor direct and indirect GHG emissions (Scopes 1, 2, and 3). The AI-powered platform analyses the data collected, generates sustainability reports based on global regulatory frameworks, and provides actionable recommendations.
(Scope 1 refers to emissions from sources that an organisation owns or controls directly, whereas Scope 2 refers to emissions that a company causes indirectly from the energy it purchases and uses. Scope 3, conversely, encompasses emissions not produced by the company and are not the result of activities from assets owned or controlled by them.)
Veridis has been deployed in oil and gas, logistics, and real estate companies in Singapore, Malaysia, and Saudi Arabia. The oil and gas industry alone is responsible for more than 40 per cent of global emissions, according to a McKinsey report.
“When it comes to climate-related disclosures, an industry survey showed that 35 per cent of executives said that data quality is a key challenge, and 86 per cent saying that monitoring Scope 3 (indirect emissions) remains an obstacle for them,” said Hari Nair, CEO and Co-Founder of Zuno Carbon.
“We hope to address this gap by reconceptualising the decarbonisation process. Veridis generates the equivalent of blood test results to evaluate a company’s sustainability and identifies the material areas to tackle,” he added.
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