nZero Raises $16m Series A Funding To Build Momentum For Near Real-Time Carbon Management Platform
nZero Raises $16m Series A Funding To Build Momentum For Near Real-Time Carbon Management Platform
nZero’s $16 million Series A funding stands out as 2023 has seen a general slowdown in VC investments that is significantly impacting climate tech. Clearly, there is still capital out there for software vendors that can help firms track and report energy, financial and greenhouse gas emissions accurately.
Fifth Wall, a VC organization focused on global real estate, and a national US energy firm led the investment in nZero. Fifth Wall, which has the third-most capital of any venture firm globally ($2.9 billion) according to SEC Form D filings, has also recently led investment rounds in Solarcycle – an organization at the intersection of solar technology and the circular economy – and Our Next Energy – an energy storage technology developer. Other participants in the nZero funding were Piedmont Capital Investments, Inc. with limited partner Henry Kravis, founder and co-chairman of KKR.
The new capital will allow nZero to scale its 24/7 carbon monitoring solution. In the Verdantix 2023 Buyer’s Guide for carbon management software, we found that nZero’s offering includes near-real-time carbon management with digital twin technology. Its software accomplishes this by pulling emissions data from meters, telematics, building management systems (BMSs), application programming interfaces, and points of consumption and generation, and feeding them into a digital model. These capabilities are of particular interest for the 39% of real estate and facilities management leaders who told Verdantix that they planned to increase investment in their decarbonization targets for building operations in the next 12 months.
Since launching in 2017, nZero has worked with various corporate, agricultural and governmental entities globally to help them understand their actual carbon impact and develop financially efficient and sustainable emission reductions plans. The latest funding round will allow them to continue to develop and expand this offering.