Project Canary, the Denver-based climate tech and environmental assessment company raised $111 million in Series B funding, the company announced.
The data analytics company plans to scale its core solutions and expand to new sectors as it helps companies reach a net-zero future, with a keen focus on reducing methane. As the business world has become increasingly data-reliant, a holistic, granular view of operations and the environmental footprint of each facility has become a must-have in today’s measurement economy.
- Insight Partners (lead investor), Brookfield Growth, Canada Pension Plan Investment Board (CPP Investments), and Carica Sustainable Investments – the sustainable investing arm of the Hamilton James Family office invested alongside previous backers – Quantum Energy Partners, Energy Impact Partners, and Frontier Venture Capital.
- Project Canary provides independent, holistic environmental assessments and high-fidelity continuous monitoring solutions at the facility level to allow companies to measure and improve their operations and emissions profiles.
- Project Canary’s solutions help financial markets differentiate environmental performance – a matter of interest for Brookfield and CPP Investments, collectively managing over $1 trillion of assets.
- The technology is here to measure instead of estimate, allowing commodity buyers to track the “E” in ESG for intensive industries, including methane, water, and other climate-related energy supply chain risk factors.
“The measurement economy has arrived – expectations for precise, verified environmental action are the new normal,” said Project Canary CEO and co-founder Chris Romer. “We provide net-zero proof with trusted data that demonstrates ESG progress to all stakeholders. You can’t get to net-zero using estimates.”
The new investors bring software as a service (SaaS), climate technology, energy transition, and industry expertise to support Project Canary’s expansion throughout the energy lifecycle and into other emission-intensive sectors.
“Software-based solutions are key to helping companies understand emissions profiles and take the meaningful action needed to alter the course of climate change,” said Matt Gatto, Managing Director at Insight Partners. “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.” Insight Partners will receive one seat on Project Canary’s board of directors.
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“Our investment in Project Canary is aligned with Brookfield’s broader support to accelerate the transition to a net-zero economy,” said Josh Raffaelli, Managing Partner at Brookfield. “Working to expand Project Canary’s solution to other emissions-intensive sectors and activities is key to achieving a low-carbon economy.”
“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,” said Bruce Hogg, Managing Director, Head of Sustainable Energies at CPP Investments. “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.”
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