Isometric, a London, UK-based climate software company has revealed that it has raised a total of U$25m through a seed round for the development of its carbon removal and registry science platform.
The financial round was led by Lowercarbon Capital and Plural, and the raised funds will be used by Isometric to hire more scientists and engineers to advance its public registry for verified high-quality long-duration carbon credits. The registry is claimed as the only one in the world to list only CO2 removal credits.
Through the use of the platform, the company seeks to reduce avoidance-based CO2 offsets while placing a focus on actionable CO2 removal.
“There are two non-negotiable challenges for the human race over the coming decades: first, decarbonize our economy; second, scale carbon removal,” said Eamon Jubbawy, founder and CEO, Isometric.
Furthermore, Plural’s own Khaled Helioui – who was responsible for leading the investment round at Plural – said that creating trust in the CO2 removal sector is key to enabling the much-needed climate investments.
Additionally, the US Government recently committed $3.7bn for the development of the country’s CO2 removal sector, and at the same time, the UK Emissions Trading Scheme will undergo revisions to integrate engineered carbon removal activities, pending consultation and the establishment of a rigorous monitoring, reporting, and verification framework.