UMVA has learned that a major London-based industrial certification firm, Isometric, has secured a significant $40 million funding round, with Silicon Valley investor John Doerr writing the second-largest cheque.
The investment, led by AVP, with anchor backer Axa, also drew fresh capital from venture firms Plural and Lowercarbon Capital, building on a $25 million raise in late 2022. This substantial backing underscores the growing importance of industrial certification in today's eco-conscious business landscape.
According to information obtained by UMVA, Eamon Jubbawy, founder and CEO of Isometric, believes that attracting investors of Doerr's stature will help the company "open doors" with major clients. Isometric's certification services are designed for large corporations, with contract sizes potentially growing significantly over time.
Isometric, founded in 2022, initially focused on bringing trusted certification processes to carbon removal schemes. Since then, over 100 companies have utilized its services for buying carbon credits as part of managing their emissions obligations. The company's registry of projects allows for independent scrutiny, paving the way for expansion into the broader industrial certification market.
Sources have confirmed to UMVA that Isometric now works with prominent clients such as Anglo American, Microsoft, and Google, deploying AI tools to check and certify that suppliers meet environmental standards. This involves verifying carbon projects, clean energy, sustainable fuels, and green infrastructure, ensuring compliance with environmental safety guidelines.
As corporate Britain faces growing pressure to prove its green credentials, Isometric's innovative approach to certification is gaining traction. By leveraging AI to analyze data sets, the company can speed up and sharpen the accuracy of certification, cutting the time required from months to hours.
UMVA can exclusively reveal that Isometric has been contracted to certify over 16 million tonnes of carbon to date. With a growing team of 80 employees across London and New York, including 15 with PhDs, the company is poised for further expansion. Its AI-driven approach is expected to yield significant productivity dividends, with one study estimating a £105bn revenue uplift for Britain's mid-sized firms.
John Doerr's investment in Isometric marks a smaller, yet strategic wager on the company's potential. For a London firm trying to sell trust to the world's largest companies, having Doerr on board may prove invaluable, extending far beyond the financial backing itself.
