Circulor, a provider of supply chain traceability and dynamic CO2 tracking, has closed $14m (£9.92) in Series A funding to accelerate its rapid growth.
The Westly Group led the round with participation from Salesforce Ventures, BHP Ventures, Future Positive Capital, 24Haymarket and Sky Ocean Ventures. Existing investors in the company include Boeing HorizonX, Volvo Cars Technology Fund, Jaguar Land Rover’s CVC arm, InMotion Ventures, SYSTEMIQ, Plug and Play and TotalEnergies Ventures. Steve Westly, founder and managing partner of The Westly Group, will join the Circulor board.
Circulor plans to use the investment to drive ongoing innovation and extend its presence in North America and Asia. The company believes the investment highlights its success in enabling global businesses, including Volvo Cars, Polestar, BHP and LG Energy Solutions, to track and manage their supply chains, support responsible sourcing, analyse supply chain emissions, and improve sustainability.
Circulor provides an enterprise software platform that uses a combination of technologies, including blockchain, business logic and machine learning. The company’s technology assigns a digital identity to commodities and tracks the supply chain data and embedded carbon at each stage of production, recycling and end-of-life. This provides full visibility across traditionally opaque and complex supply chains, helping companies address ESG objectives.
Circulor has successfully sold its solution to the electric vehicle industry, where it is currently the only proven technology available to automotive manufacturers and suppliers to track materials such as cobalt, mica and lithium. The company is tracing other commodities, including nickel, copper, plastics, and leather, and is deployed in circular economy solutions such as the remanufacturing of automotive parts.
This level of traceability means that customers can promote sustainable and ethical practices in their supply chains and provide better transparency for consumers. Circular says it will also enable them and their supply chains to meet upcoming EU Battery Passport regulations, which will require transparency of recycling efficiencies and recovery of EV battery materials and carbon intensity, and the meeting of extended producer responsibility.
Circulor is also helping customers to reduce emissions across their entire value chains and to fulfil their emissions reduction and climate-neutral commitments.
Douglas Johnson-Poensgen, CEO of Circulor, said: “We are on a mission to make the world’s most complex industrial supply chains more transparent, and help prevent the exploitation of people and our planet. Traceability-as-a-Service is fast becoming a requirement for the world’s leading brands and this funding will help us accelerate our impact and revenue growth.”
Westly said: “Circulor has established itself as a leader in helping manufacturers source responsibly and measure carbon emissions. It has the most commercial traction and mature and complete solution in the space. We’re thrilled to partner with the team.”
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Credit: Blockchain News