Climate tech and environmental assessment company Project Canary announced today it has raised $111 million in a Series B financing round, as the company plans to scale its emissions measurement solutions and expand to new sectors.
Chris Romer, Project Canary CEO and Co-Founder said:
“The measurement economy has arrived – expectations for precise, verified environmental action are the new normal. We provide net-zero proof with trusted data that demonstrates ESG progress to all stakeholders. You can’t get to net-zero using estimates.”
Denver-based Project Canary is a SaaS-based data analytics company that provides environmental assessments and continuous monitoring solutions at the facility level to enable companies to measure and improve their operations and emissions profiles. The firm’s solutions enable users to assess factors such as methane, water, and other climate-related energy supply chain risk factors, allowing commodity buyers to track the environmental performance for intensive industries.
Venture capital and private equity firm Insight Partners was the lead investor in the funding, with participation from Brookfield Growth, Canada Pension Plan (CPP) Investment board, and Carica Sustainable Investment, as well as previous investors Quantum Energy Partners, Energy Impact Partners, and Frontier Venture Capital.
Matt Gatto, Managing Director at Insight Partners, said:
“Software-based solutions are key to helping companies understand emissions profiles and take the meaningful action needed to alter the course of climate change. Project Canary has a viable, measurement-based model for helping companies mitigate climate impacts, and we at Insight are excited to help them reach their high-growth potential.”
According to Project Canary, the new investors bring SaaS, climate technology, energy transition, and industry expertise to support the company’s expansion throughout the energy lifecycle into other emission-intensive sectors.
Josh Raffaelli, Managing Partner at Brookfield, said:
“Our investment in Project Canary is aligned with Brookfield’s broader support to accelerate the transition to a net-zero economy. Working to expand Project Canary’s solution to other emissions-intensive sectors and activities is key to achieving a low-carbon economy.”
Bruce Hogg, Managing Director, Head of Sustainable Energies at CPP Investments, added:
“The ability to quantify environmental performance data is becoming increasingly important as owners and investors prioritize greenhouse gas emissions reduction and adapt to a global economy that is moving toward net zero. Project Canary’s solutions have been used within our portfolio companies and this investment in a high-growth area represents a meaningful addition to our Sustainable Energies program.”