Climate Tech Startup Project Canary Raises $111 Million to Scale Emissions Measurement Solutions

ESG Today
Posted by Emanuela Kerencheva
Feb 24, 2022

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.

“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.”

Chris Romer, Project Canary CEO and Co-Founder

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.

“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.”

Matt Gatto, Managing Director at Insight Partners

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.

“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.”

Josh Raffaelli, Managing Partner at Brookfield

“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.”

Bruce Hogg, Managing Director, Head of Sustainable Energies at CPP Investments

About Project Canary

Project Canary is a SaaS-based data analytics company focused on accurate corporate climate ESG data for emission-intensive industrial companies. We are the leaders in holistic environmental assessments (air, water, land, and community). Project Canary scores responsible operations, delivering independent emission profiles via high-fidelity continuous monitoring technology to provide actionable environmental performance data. Our sensor portfolio includes high-fidelity spectroscopy-based methane detection and emissions quantification for the oil and gas sectors, plus Aeris Technologies’ laser-based gas analyzers covering other emissions, including ethane, nitrous oxide, formaldehyde, ethylene oxide, benzene, and more. Formed as a Public Benefit Corporation, Project Canary’s Denver-based team of scientists, engineers, and seasoned industry operators identify and quantify areas to reduce emissions.

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