Sylvera, a UK-based start-up, is leveraging the power of machine learning technology to enhance accountability and credibility in carbon offsetting projects by analysing various visual data sources such as satellite imagery and LIDAR (light detection and ranging). The company recently secured a total of US$39.5 million in funding, which includes US$5.8 million in seed funding in May of last year and an additional US$32 million in Series A funding. Leading participants in the funding round include Index Ventures, Insight Partners (a global private equity and venture capital firm), Salesforce Ventures, and several angel investors.
Sylvera's primary goal is to provide corporate sustainability leaders, carbon traders, and policymakers with clarity, confidence, and a wider array of choices when evaluating and investing in carbon projects. With the Series A funding, Sylvera plans to expand its team, strengthen its technical leadership, and potentially broaden its platform to encompass various types of offsets. The company's customer base already spans diverse industries and includes renowned names like Delta Airlines, Cargill, CBL (an Xpansiv market), and Bain & Company.
While Sylvera's ratings framework remains proprietary, the start-up is committed to transparency and intends to publish details on how it assesses projects. This commitment aligns with their overarching vision of becoming a trusted source of carbon offsetting data. Recognising the lack of transparency in the voluntary carbon market and its adverse impact on scalability and addressing the climate emergency, Sylvera aims to bridge this gap by providing reliable and accessible information.
By employing machine learning and advanced data analysis techniques, Sylvera empowers stakeholders in the carbon market to make informed decisions. Their platform enables thorough project assessments, facilitating accurate evaluations of carbon offsetting initiatives. This approach not only enhances the credibility of carbon offset projects but also encourages the growth of the market by instilling trust and transparency.
Sylvera's innovative use of technology and its commitment to transparency mark a significant step forward in advancing carbon offsetting practices. With the support of notable investors and an expanding customer base, Sylvera is well-positioned to drive positive change in the industry. By providing clarity and insights, Sylvera contributes to a more sustainable future, enabling organisations and policymakers to take meaningful action in combating climate change.
