ClearTrace Secures $4 Million Series A Financing to Scale Verified Carbon Accounting Platform
After successful deployment with a Fortune 100 customer, ClearTrace to scale adoption of its financial technology and enhanced carbon accounting platform
AUSTIN, TX, DECEMBER 15, 2020 - ClearTrace, a software company that provides automated energy and carbon accounting for investors, enterprises, and real estate owners, announced today it has raised $4 million in Series A financing, led by Clean Energy Ventures, a venture capital firm focused on early-stage climate tech innovations. Brookfield Renewable Partners and Clean Energy Venture Group also participated in the round.
ClearTrace's carbon accounting platform brings transparency to corporate carbon reduction by enabling auditable, around-the-clock monitoring of energy generation and consumption. ClearTrace creates verifiable digital records of energy usage and can track third party energy supply, financial power purchase agreements, demand response activities, and true multi-stakeholder management of behind-the-meter energy assets. ClearTrace uses best-in-class cloud technology to digitize the entire energy supply chain and deliver granular, high fidelity, real-time carbon impact data from energy-related activities.
"Companies of all sizes are seeking to reduce their carbon impact due to new regulations and increasingly intense advocacy from employees, customers and investors. Yet, a key challenge for these companies is the ability to truly verify, validate, and account for their overall environmental and carbon footprint," said Daniel Goldman, Managing Director and Co-founder at Clean Energy Ventures. "A high degree of accountability and reporting is essential as companies work to decarbonize to help solve the climate crisis. ClearTrace has built the premier, auditable carbon and energy reporting platform, and we're eager to support its further growth to enable more companies to track and reduce their carbon footprint."
ClearTrace has a growing customer base and is targeting multinational corporations, financial service companies, real estate holding companies and competitive energy suppliers who can use this technology to verify and prove the attributes of the energy they both generate and consume.
"ClearTrace is looking to fundamentally change how energy and environmental information is managed and to do away with the disparate, siloed and archaic incumbent processes that dominate the market. Our goal is to accelerate the decarbonization of human activity and increase the adoption of sustainable and renewable energy through a technology platform that is fully automated, immutable and verifiable," said Lincoln Payton, CEO at ClearTrace. "We have built the energy data system for the future. No other platform today has created the full scope of energy and technology solutions that we provide, allowing leading global organizations like JPMorgan Chase and Brookfield Renewable to digitally track energy data from generation to consumption in a way that can be easily understood and audited by regulators, investors and other stakeholders."
ClearTrace will use the funding to accelerate growth and deploy additional market-driven solutions to a broad base of enterprises and asset managers who require high-speed, digital data to meet their sustainability targets.
ClearTrace, formerly known as swytchX, recently undertook a rebrand to represent this new phase of growth and accelerate market adoption. Previous investors include the company's founders and the Fund for Sustainability and Energy (Fund4SE), a Singapore-based sustainability investment fund.
ClearTrace is an energy, data and technology company streaming secure energy data to the world of energy management, ESG reporting, and corporate sustainability. ClearTrace's digital assets represent the purest form of proof and immutability for the real world impact of energy generation. ClearTrace allows companies to stand behind their claims of carbon reductions, sustainability, and renewable energy to prevent greenwashing and provide a source of truth for corporate decarbonization. For more information, please visit cleartrace.io or contact firstname.lastname@example.org.
About Clean Energy Ventures
Clean Energy Ventures is a venture capital firm investing in early-stage advanced energy technologies and business model innovations that are ready to address global climate risks. The firm's principals - serial entrepreneurs and investors who have backed more than 30 companies - have been investing in, supporting, and mentoring early-stage climate tech startups together since 2005. Learn more at cleanenergyventures.com.
ClearTrace, Katie Ullmann Durham email@example.com
Clean Energy Ventures, Connie Zhang firstname.lastname@example.org