PC: ZAWYA
Innovative Solutions for Carbon Emission Management
A leading climate-tech startup based in the UAE, which specialises in carbon emission management and offsetting solutions announced the successful closure of it’s seed, by raising about $3 million led by a group of experienced tech investors, boasting over 40 years of expertise in the sector.
Coral provides a cutting-edge AI-driven platform for carbon collection data, footprint evaluation, reporting, and offsetting. This helps to streamline the entire carbon management process for businesses completely. One of the standouts of Coral is a one-click offset integration specifically tailored for e-commerce businesses. It has helped businesses enable their customers to have a much more sustainable shopping experience. More so, Coral utilises a blockchain backend for the sake of full lifecycle traceability of carbon credits as well as real-time auditability, thereby providing assurance on transparency as well as quality in the offset transactions.
Daniele Sileri, Director of Product and Strategy at Coral, said it was a pleasure to have accomplished the milestone of finalising their seed round and grateful for investors who care about the sustainable future that the company envisions. This will enable them to scale up their platform, to be able to enlarge their team, and to increase the execution velocity in making carbon neutrality accessible and transparent to businesses across the world.
Strategic Partnerships and Market Positioning
Coral has already formed significant industrial partnerships, including a massive partnership with Nissan. Since last year, Coral has been providing carbon footprint calculations and offsetting solutions for Nissan’s Formula E team. As for the EMS (Emissions Management System), it is already operational for some of its clients, and bigger corporate customers are lined up for onboarding, in addition to allyship with international climate organisations.
Juergen Hoebarth, Director of Operations and Research, emphasised Coral’s focus on truly integrating AI and blockchain technologies into its platform. He stated that the platform differentiates itself by not just talking about AI and blockchain as trendy topics, but by effectively implementing them as core components of Coral’s EMS Platform that truly enhance the customer journey. They’re proud to demonstrate how these advanced technologies can be seamlessly integrated to simplify data collection, analysis, and reporting; offering real value to their users.
The carbon market will see tremendous growth by 2030, and Coral is hoping to take the leadership opportunity. With recently raised seed funding, the company plans to open an office in Abu Dhabi and scale up their team of experts to reach a much broader customer base.
