Carbon emission management platform Sprih has raised $3 million in a funding round led by early-stage venture capital firm Leo Capital, according to ETtech report.
The company said that the funds will be used for expanding globally on the sales front, acquiring talent for developing artificial intelligence (AI) models focusing on climate issues and expanding the network of partners.
“We are trying to bring all the climate data in one place…and for that, we are going to keep investing in research and product development,” cofounder and chief executive Akash Keshav told ET.
Founded in 2022, the company offers its end-to-end software tool to businesses to simplify the process of measuring, comparing against industry standards, and reporting emissions across their operations and supply chain.
The company plans to increase its customer base in India and expand into the US, Europe, and other global markets, as these countries have climate laws in place. Currently, it is conducting pilots in the US. “These countries have committed to reducing their carbon footprint, and the carbon footprint will only decrease when corporations truly start taking it seriously,” he said.
“This year, our focus is to expand globally, and we are definitely targeting around 40-50 customers globally,” he said. Currently, Sprih has more than 12 customers, including Indigo Paints, Hero MotoCorp, Arvind SmartSpaces, Espi Industries, and InfoBeans.
“As a company we would like to cross $6-7 million in terms of revenue in a few years,” he added.
Commenting on the investment, Ravi Srivastava, partner at Leo Capital said, “With increasing top-down commitments towards net zero, sustainability is steadily becoming a crucial part of businesses’ growth agenda. However, without any prior framework, most companies struggle to develop a viable path to their sustainability goals.”
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