UAE-based climate technology startup, Coral, specializing in AI-driven carbon emission management and offsetting solutions, has successfully closed its seed funding round, raising $3 million. The investment round was led by a group of seasoned tech investors boasting 40 years of combined experience in the sector, as per the recent press release.
Coral’s platform is designed to streamline the carbon management process for businesses by automating carbon data collection, evaluation, reporting, and offsetting—all in one integrated system. This system not only simplifies the management of carbon footprints but also enables e-commerce platforms to offer customers a one-click carbon offset option at checkout, enhancing the sustainability of their shopping experience.
Daniele Sileri, Coral’s Director of Product and Strategy, stated, “This funding will significantly help scale our platform, expand our team, and fast-track our mission towards making carbon neutrality a transparent and attainable goal for businesses globally.”
The company’s Emissions Management System (EMS) is already operational and is being adopted by various corporate clients and ecosystem players, including partnerships with leading international climate organizations.
Juergen Hoebarth, Coral’s Director of Operations and Research, highlighted the platform’s unique approach, noting, “Our platform stands out by effectively integrating AI and blockchain technologies, which are more than just buzzwords for us but are crucial components that enhance the customer journey on our EMS platform.”
With predictions pointing towards a booming carbon market by 2030, Hoebarth believes Coral is well-positioned to make a substantial impact, aiding organizations in achieving their sustainability objectives.
Following the successful funding round, Coral has announced plans to broaden its operations, including opening a new office in Abu Dhabi and expanding its team to serve a wider customer base and scale up its operations.
