Project Canary Raises $111M from Top Climate Tech and SaaS Focused Investors
/DENVER, Feb. 24, 2022 /PRNewswire/ -- Project Canary, the Denver-based climate tech and environmental assessment company raised $111 million in Series B funding, the company announced today.
The data analytics company plans to scale its core solutions and expand to new sectors as it helps companies reach a net-zero future, with a keen focus on reducing methane. As the business world has become increasingly data-reliant, a holistic, granular view of operations and the environmental footprint of each facility has become a must-have in today's measurement economy.
Insight Partners (lead investor), Brookfield Growth, Canada Pension Plan Investment Board (CPP Investments), and Carica Sustainable Investments – the sustainable investing arm of the Hamilton James Family office invested alongside previous backers – Quantum Energy Partners, Energy Impact Partners, and Frontier Venture Capital.
Project Canary provides independent, holistic environmental assessments and high-fidelity continuous monitoring solutions at the facility level to allow companies to measure and improve their operations and emissions profiles.
Project Canary's solutions help financial markets differentiate environmental performance – a matter of interest for Brookfield and CPP Investments, collectively managing over $1 trillion of assets.
The technology is here to measure instead of estimate, allowing commodity buyers to track the "E" in ESG for intensive industries, including methane, water, and other climate-related energy supply chain risk factors.
"The measurement economy has arrived – expectations for precise, verified environmental action are the new normal," said Project Canary CEO and co-founder Chris Romer. "We provide net-zero proof with trusted data that demonstrates ESG progress to all stakeholders. You can't get to net-zero using estimates."