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Carbonable, a startup that uses the Ethereum blockchain to track carbon contributions and prevent greenwashing, has secured $1.2 million in a seed round led by Ethereal Ventures and La Poste Ventures. The funding will be used to improve Carbonable’s technology and expand its team to increase the adoption of the platform.
Carbonable’s solution aims to address the lack of transparency and trust in the carbon credits market. The platform uses the public Ethereum blockchain to track the entire carbon credit lifecycle, from project selection to monitoring, issuance, and retirement. The technology helps companies verify their carbon footprint and demonstrate their commitment to reducing emissions.
The startup has built its platform on the Ethereum layer 2 scaling system StarkNet, which is also backed by its parent company Starkware. By leveraging the Ethereum network, Carbonable provides a decentralized, secure, and transparent platform for tracking carbon credits.
Guillaume Leti, co-founder of Carbonable, said that the carbon credits market is currently immature and faces several major flaws. He added that the market suffers from a lack of trust and transparency, and there is an upcoming supply crunch in good quality carbon credits. Carbonable aims to address these issues by using blockchain technology as a tool to drive climate contributions. The platform also incorporates satellite imagery and artificial intelligence to provide more accurate data and insights.
Ramzi Laieb, co-founder of Carbonable, said that the company’s ultimate goal is to enable anyone to audit a company’s carbon contribution rate. Carbonable’s solution empowers consumers to verify the mechanisms behind a company’s claims of being carbon neutral, promoting greater transparency and accountability.
The carbon credits market is gaining momentum as more companies adopt sustainability goals and commit to reducing their carbon footprint. Carbonable’s innovative use of blockchain technology has the potential to transform the market by providing a more reliable and transparent way to track carbon credits.