Pachama has successfully concluded its Series B funding round extension, securing an additional $9 million, marking a significant step forward in advancing sustainability initiatives. The extension, spearheaded by T.Capital, the corporate venture capital arm of Deutsche Telekom, featured participation from new investor T.Capital, joined by existing backers Lower Carbon Capital and Positive Ventures. This injection brings Pachama's total Series B funding to an impressive $64 million, contributing to a cumulative capital of $88 million.
Satellite photo of Independence Pass of Colorado.
Pachama is a San Francisco-based carbon credit platform that focuses on leveraging technology, particularly artificial intelligence (AI) applied to geospatial data, for environmental monitoring. It plays a crucial role in the carbon market by offering a platform where corporations and project originators can engage in activities related to carbon credits. In essence, Pachama provides a marketplace for carbon credits, allowing entities to invest in projects that contribute to forest preservation and other environmentally sustainable initiatives.
Read more: The interconnected world of carbon: exploring key carbon market concepts
Unlike prevailing trends in the carbon market, Pachama reported a remarkable 57% year-on-year growth in credits retired during Q3 2023. The surge is attributed to escalating demand from corporations and project originators, drawn by Pachama's high standards of quality and reporting transparency in forest preservation.
Pachama's commitment to conserving nature involves the application of AI to geospatial data for environmental monitoring. CEO Diego Saez Gil emphasised, ‘Over the past year, the world recognised the importance of ensuring integrity, transparency, and impact in carbon markets, and that’s what Pachama has been working on since our inception. This additional capital will allow us to continue advancing this critical mission.’ The funds will be directed towards research and development in AI applications for geospatial data, alongside the creation of new products and services for companies and project developers.
Read more: Premium shift: buyers eager to invest in high-quality carbon credits
In a strategic move, Pachama announced the appointment of Ebony Beckwith, former Chief Business Officer at Salesforce, as an Independent Board Member. Beckwith's philanthropic expertise is expected to play a crucial role as Pachama aims to maintain its leadership in the climate tech sector.
DGB Group takes a leading role in the creation of high-quality, nature-based solutions dedicated to preserving and revitalising our valuable natural environment. Our initiatives extend beyond carbon mitigation, providing a host of supplementary environmental and socio-economic advantages. We are committed to driving efforts in reforestation, afforestation, biodiversity restoration, and community empowerment, all aimed at fostering a positive and enduring influence while producing top-tier carbon credits.
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