Beijing-based firm Carbonstop, a provider of emissions management software and consulting solutions, announced on August 1 that it had completed a round B of financing worth 100 million yuan ($14.82 million), led by Sequoia China and followed by its original shareholders GL Ventures and Matrix Partners.
Carbonstop was established in 2011 in order to promote many industries to carry out carbon emission calculations, management and reductions to finally achieve carbon neutrality. The newly raised funds will be mainly used for the R&D of its core carbon management software products and the expansion of teams for consulting, marketing and business.
Starting in 2020, the Chinese central government has been pursuing the twin goals of achieving a national carbon peak in 2030 and full neutrality by 2060. With the continuous promotion of these goals, not only high-energy-consuming enterprises such as electricity and cement companies have begun to manage their own carbon emission data, but also internet enterprises, financial institutions, consumer brands and real estate groups. Such firms that were not required to manage emissions have successively put forward their own carbon neutrality goals to control their emission data internally.
Tsinghua University and China International Capital Corporation Limited (CICC) predicted previously that in the next 30 years, China’s investment in carbon neutrality will reach about 140 trillion yuan ($20.748 trillion).
Regarding products, Carbonstop initially launched carbon management software CAMP, which started the latest attempt of the digitalization of carbon management, then launched SaaS carbon management platform “Ccloud.” The platform covers function modules such as enterprise carbon accounting, product carbon footprint, supply chain carbon management, carbon asset management, carbon account platform, online certification and carbon neutrality services.
In the past eleven years, the firm has served more than 1,200 customers including Baidu, Alibaba, Tencent, ByteDance, Meituan and JD.com. It has also established system-level ecological cooperation with the China National Institute of Standardization, and internationally renowned LCA database EcoInvent in recent years.
The company has accumulated a carbon emission factor database containing more than 150,000 pieces of data from more than 200 countries around the world, and it will gradually be opened globally to all users.