Carbon management startup Avarni has raised $3 million in venture funding, less than 12 months after launching as it looks to build a comprehensive dataset to analyse supply chain emissions.
The Australian-based company’s primary focus is tackling scope 3 emissions, which occur across a company’s entire value chain and pose a significant challenge for companies looking to decarbonise. According to a report from global disclosure charity CDP, third-party emissions can account for as much as 75% of a company’s total emissions.
Unlike scope 1 and 2 emissions, which fall under the business’ direct control, such as company vehicles or buildings, scope 3 emissions require organisations to work with multiple partners to identify sources of emissions and target their removal.
By leveraging artificial intelligence (AI) Avarni can help with this, by quickly measuring emissions and designing clients reduction efforts, cutting down the amount of time spent on carbon reporting from months to minutes.
Since its launch last year, the company claims to have analysed more than $100 billion in corporate spending data and identified 150 million tonnes of carbon dioxide equivalents in supply chains. Its clients include consulting firms like KPMG Australia and Point B.
The company was cofounded by former KPMG Australia management consultant Tony Yammine, former Atlassian product manager Misha Cajic and Anuj Paudel.
“Since our launch roughly a year ago, we have made huge strides in Australia and globally to help companies continue to progress their decarbonisation journey, and use our AI-backed platform to allow businesses to access their Scope 3 emissions quickly, effectively and without the burden of significant cost,” Yammine said.
In a statement, Field Pickering Vulpes Ventures managing partner said, “What Avarni has achieved over the last year has been phenomenal and they are on a strong trajectory despite a challenging economic environment. The team is rapidly building one of the biggest datasets available on corporate emissions. This is the intelligence businesses need to inform their decarbonisation strategies—and Avarni is at the forefront of rapidly collecting this information.”
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