Enterprise data technology company Context Labs announced today the closing of a $28 million financing round aimed at funding the launch of a blockchain-based platform for measuring and monitoring decarbonization in the energy sector.

According to Context Labs, its new ‘Decarbonization as a Service’ platform will help enhance the sophistication and rigor of emissions reporting, helping to reduce greenwashing. The solution will be provided through a joint venture with strategic investor BP Energy Partners (BPEP).

Dan Harple, Context Labs founder and CEO, said;

“We’re excited about the validation and support of these globally significant firms in our mission to provide transparency and trust in the data that underlies the march toward global decarbonization. Our Immutably data fabric platform enables trusted data, digitally provenanced and cryptographically attested, as a bedrock for Climate Tech. This trusted ‘supply chain of data’ will reduce greenwashing, transform ESG into a data-driven quantitative tool, and accelerate the deployment of trillions in capital targeted at addressing climate change.”

Nathan Brawn, Managing Director of BP Energy Partners, added;

“Energy sector participants want to make practical and rewarding investments that demonstrate a clear commitment to carbon reduction. Those investments must promote transparency and trust with stakeholders to be successful through the energy transition.”

Strategic investors participating in the round in addition to BPEP included Equinor Ventures, KPMG, Shamrock Ventures, Neglected Climate Opportunities, and i(x) investments.

Rob Fisher, KPMG US IMPACT Leader said:

“All organizations are on a unique decarbonization journey and, by working with Context Labs technology solutions, KPMG IMPACT will best help leaders move from strategy to implementation and transformation to meet their ESG goals. Context Labs’ blockchain technology will enhance the sophistication and rigor of ESG reporting, helping organizations actively measure and tell their ESG story to all stakeholders to gain an ESG advantage.”