Carbon management startup Avarni has raised $3 million in venture capital less than 12 months after launch.
It’s the startup’s second raise — and part of a recently emerging trend of refusing to identify a round — since its inception in 2021.
CSIRO VC fund Main Sequence Ventures led the increase with support from existing lenders Vulpes Ventures and Common Sense Ventures.
Avarni uses artificial intelligence (AI) for rapid measurement and planning to help companies analyze their emissions exposure and counts KPMG among its clients. The company has already analyzed more than $100 billion in corporate spending data and 150 million metric tons of CO2e in supply chains to help companies address issues such as the US government’s proposed Federal Supplier Climate Risks and Resilience Rule, which would require large government contractors to report their Scope 1. , 2 and 3 emissions.
Scope 1 includes direct greenhouse gas emissions from sources controlled or owned by an organization. Scope 2 emissions are indirect emissions from things like the purchase of electricity, steam, heat or cooling for energy use.
Scope 3 emissions originate from suppliers and supply chains, so scope 3 emissions reporting means that organizations supplying goods or services to a major contractor must provide their own emissions data.
Avarni collects raw supply chain and spending data to help customers understand their Scope 3 emissions and enable supplier engagement in carbon reduction strategies.
The company was co-founded by Tony Yammine, former KPMG Australia management consultant, Misha Cajic, ex Atlassian product manager, and Anuj Paudel.
“Since our launch about a year ago, we have made tremendous strides in Australia and globally to help businesses continue their decarbonisation journey, leveraging our AI-enabled platform to help businesses quickly, effectively and without the burden of significant costs, said Yammine.
Vulpes Ventures managing partner Field Pickering said he was impressed with what Avarni has achieved over the past year.
“They are on a strong track despite a challenging economic environment. The team is rapidly building one of the largest data sets available on corporate emissions,” he said.
“This is the information companies need to inform their decarbonization strategies – and Avarni is at the forefront of gathering this information quickly.”
