Carbon footprint management and reporting platform provider Persefoni announced today that it has raised $9.7 million in its Series A financing round led by Rice Investment Group, with participation from NGP ETP and Sallyport Investments.

Launched in 2020, Persefoni’s SaaS platform enables enterprises and institutional investors to measure, analyze, plan, forecast, and report on their carbon footprint, leveraging AI to provide users with contextual sustainability performance scores for their organization and allowing them to manage their carbon transactions and inventory with the same rigor as their financial ones. According to Persefoni, the platform is the market’s first “ERP for Carbon Data”, enabling global organizations and institutional investors to calculate and manage their carbon footprint enterprise-wide, and do so both real-time and in-line with the Greenhouse Gas Protocol.

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Kentaro Kawamori, CEO and co-founder of Persefoni, said:

“On the back of a banner year of net-zero commitments from governments, asset managers, and organizations the world over, we saw the venture and software investor communities wake up to what is the formation of the largest regulatory compliance software market since the introduction of Sarbanes Oxley. We applaud the efforts of financial regulators around the world who are implementing carbon and climate disclosure requirements. Such regulation is one of the most impactful ways to get companies accounting for, and reducing, their carbon footprint.”  

The new financing brings the total capital raised by the company to $13.2 million, including previous investments from Rice Investment Group and venture capital investor Carnrite Ventures. Persefoni stated that it intends to use the funds from the Series A round for business expansion, product innovation, recruitment, and to scale its business internationally.

Danny Rice, co-founder and partner at Rice Investment Group, said:

“We are excited about the progress that Persefoni has made in only a year. It’s clear that the Persefoni team is creating a new category of software solutions that bridge the gap between investor and reporting company carbon reduction ambitions.” 

The company also announced that as part of the financing, Kyle Derham, partner at Rice Investment Group, and Greg Lyons, Principal at NGP, will join the Persefoni Board of Directors. 

Lyons said:

“NGP ETP only invests in companies that can meaningfully and cost-effectively contribute to global decarbonization efforts, like Persefoni. Persefoni has built a sophisticated enterprise-grade data management platform that should ultimately allow for transparency and accountability around organizational emissions targets. And the market need for carbon calculations and reporting that are accurate and auditable is exploding even before most major regulation can come into effect.”