Amadeus Capital Partners, the European technology investor, has led a $5.5m Series B financing in AMEE (www.amee.com) a UK- and US-based company, which has built the largest engine for computing greenhouse gas emissions. Existing investors, including O’Reilly AlphaTech Ventures and Union Square Ventures, also participated in the financing. The funding will be used to expand AMEE’s geographic reach and enrich its scientific platform.
AMEE’s end market, enterprise carbon accounting, is expected to reach $4 billion by 2017, driven by increasing regulatory and consumer pressure to combat climate change.
AMEE’s engine is used by customers, such as vendors of carbon accounting or business intelligence software, governments, multi-nationals and SMEs needing to measure emissions. Customers include leading business intelligence vendor, SAS, and the UK Government’s Department of Energy and Climate Change (DECC).
Currently, multiple standards and hundreds of thousands of individual emission factors must be consulted to determine the footprint of activities and products. The result is that corporations and carbon accounting practitioners have to navigate a complex regulatory and scientific maze in order to calculate and verify an organisation’s emissions.
AMEE has codified the major greenhouse gas standards, together with their computational models and emission factors, into an engine available to clients via a web-based Application Programming Interface (API). AMEE’s search engine (explorer.amee.com) also enables discovery of greenhouse gas standards and emission factors, while tracking provenance and providing a full audit trail for carbon accounting practitioners.
Pat Burtis, Investment Manager at Amadeus, who joins the AMEE Board, says: “AMEE has recognised a clear and present need in the carbon accounting market and moved quickly to fill the gap. AMEE’s team has an exceptional combination of scientific, software and web expertise and we are delighted to be part of their exciting growth story.”
AMEE joins Amadeus’ growing portfolio of cleantech companies that includes GreenRoad, Nujira and Edgeware.
Gavin Starks, CEO of AMEE, adds: “We are excited to have Pat joining the AMEE Board. Amadeus has demonstrated a deep understanding of our business and its strategic vision. AMEE addresses core needs of trust, accuracy and auditability in this market and this funding will catalyse our deployment.”
Legal advisers on the funding were Gunderson Dettmer for Amadeus and Cooley Godward for AMEE.