Persefoni, a startup helping businesses keep track of their carbon footprint using AI, has raised $3.5 million in seed funding, after being backed by the Rice Investment Group and Carnrite Ventures.
As big business becomes increasingly conscious of its environmental impact, demand for carbon management solutions is expected to grow. Analysts at Markets and Markets predict the industry will be valued at $12 billion by 2025.
Persefoni was cofounded by former Accenture executive Kentaro Kawamori, alongside business partners Kim Stroh and Jason Offerman, in January. The company is based in Arizona.
The firm offers clients what is calls the world’s first ever “business-centric platform [connecting] the entire sustainability disclosure and reporting cycle”, allowing corporates to keep track of all their emissions: incorporating everything from electricity bills to plane journeys.
Speaking to Business Insider, Kawamori described how the carbon management industry had been overrun with overpriced consultants.
“The idea came about because, after talking to other CEOs and friends in business, we realized there was a huge opportunity for a single, usable software solution,” he said. “At the moment, you basically have to pay external consultants a whole lot of money to come in and measure everything.”
Despite having only launched in January, Kawamori said his prior experience as a venture partner at Rice Investment Group helped in putting Persefoni’s seed round together.
“We obviously had an advantage in that there was a pre-established relationship with our lead investor,” he said. “But we were really happy to be able to bring on more even as the pandemic wore on.”
Using analytics and AI models built into the Persefoni dashboard, clients receive data-driven insights that suggest optimization opportunities for future planning and forecasting.
“Ultimately, we want to make measuring and tracking every organization’s carbon footprint as ubiquitous as managing their financial performance,” said Kawamori.
“As energy-focused investors, we’re acutely aware of the demand for standardized, quality information about companies’ carbon footprints,” said Daniel Rice IV, cofounder and partner at Rice Investment Group.
“The data and insights Persefoni can provide are applicable not just across the energy sector, but every industry.”