‘Full Lifecycle’ Traceability of Carbon Credits
Coral, a blockchain and artificial intelligence (AI)-powered climate tech startup, announced on Sept. 23 that it had secured $3 million in pre-seed funding. According to a statement, the funding round was led by unnamed tech investors with a combined 40 years of experience in the sector.
The climate tech startup said it would use the funds to expand its operations by opening a new office in Abu Dhabi and hiring more experts, enabling it to reach a broader customer base and scale up operations. The funding is also expected to help bolster Coral’s AI-driven platform, which already facilitates and automates carbon data collection, footprint evaluation and reporting in a single system.
Coral’s services provide businesses with an efficient solution for managing their carbon emissions. The climate tech startup’s blockchain backend enables “full lifecycle traceability” of carbon credits. It also allows real-time auditability of offsets to ensure quality and transparency.
Commenting on the startup’s successful pre-seed round, Daniele Sileri, Director of Product and Strategy at Coral, said:
We’re thrilled to have completed our seed round and are grateful for the support from our investors who share our vision for a sustainable future. This funding will enable us to scale our platform, expand our team, and accelerate our mission to make carbon neutrality accessible and transparent for businesses worldwide.
Jürgen Hoebarth, Coral’s director of operations and research, said the startup is distinguishing itself from other platforms by effectively integrating AI and blockchain with Coral’s Emissions Management System. This integration, Hoebarth said, positions Coral to help other organizations achieve their sustainability goals.
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