Carbon dioxide removal (CDR) platform Isometric announced that it has raised $25 million, with proceeds aimed at funding its solutions to accelerate the development of the CDR market.
According to the landmark Intergovernmental Panel on Climate Change (IPCC) climate change mitigation study released last year, scenarios that limit warming to 1.5°C include carbon dioxide removal methods scaling to billions of tons of removal annually over the coming decades.
The report also noted, however, that while there are multiple existing solutions to capture and store CO2, most are early stage and currently limited in scale.
Launched earlier this year, Isometric offers a “Science Platform” for CDR suppliers to publish and visualize information including their early processes, removal data and protocols. The company is also building a carbon registry, expected to launch later this year, to create high quality credits by quantifying data on carbon removal pathways including net negativity, durability, uncertainty and additionality, available in real time for inspection.
Investors in the seed financing round included Lowercarbon Capital and Plural Platform, and included participation from investors including Niklas Zennström, David Helgason, Ross Mason, and Ilkka Paananen.
In a blog post announcing the financing, Isometric Founder and CEO Eamon Jubbawy said:
“If we’re successful in our mission, we’ll end up building the critical pillar underpinning carbon removal—the most important industry of the coming decades.
“This is the most urgent thing to work on, and we’re doing everything we can to create the future we want to live in.”