Turning out of the UK’s top universities Cambridge and UCL universities, Carbon Re just raised £4.2 million ($4.8 million) in a bid to tackle the gigatonnes of carbon emissions emitted by the traditional cement industry fighting climate change.
The company says it’s building state-of-the-art AI to decarbonize energy-intensive industries. It claims that its “Delta Zero AI” platform is capable of reducing more than 50 kilotonnes of CO2 emissions per plant. The company told me that its SaaS solution “models the unique manufacturing environment of each plant and uses advanced AI and machine learning techniques to achieve operational efficiencies that were out of reach before.” . Delta Zero continuously analyzes production data to enable plant operators to optimize production processes near-realistically, although it does not specifically describe the changes the algorithms suggest to achieve. achieve this reduction in emissions.
“At a time of escalating fuel prices and increasing focus on CO2 target reduction, urgent action is required. Carbon Re is connecting the biggest challenge of our time – climate change – with the greatest opportunity – advances in AI,” Sherif Elsayed-Ali, CEO of Carbon Re, said in a statement. statement to TechCrunch. “Our platform offers a unique solution for energy-intensive industries, resulting in £2 million savings in fuel costs and 50,000 tonnes of CO2 savings per plant. This latest round of funding will allow us to accelerate our mission to reduce carbon emissions by gigatons each year. “
Planet A Ventures, a Berlin-based climate technology venture capital firm, led a £4.2 million round, with participation from the Clean Growth Fund, UCL Technology Fund and Cambridge Enterprise . The new investment will allow Carbon Re to focus on launching its product into the global cement market. The company’s next goal is to expand into other energy-intensive industries, such as steel and glass.