Carbon accounting and energy management platform Gravity announced today that it has raised $13 million in a Series A funding round, with proceeds aimed at supporting investments in product R&D to expand its solutions and reach.
Founded in 2022, San Francisco-based Gravity provides a software platform aimed at helping industrial businesses and their supply chain partners manage their carbon footprint, providing a carbon accounting and energy management solution built for energy-intensive operations and companies with complex supply chains.
According to Gravity, the company’s carbon management solution automates data collection and calculates audit-ready sustainability reports, and can seamlessly integrate with companies’ existing energy tracking, supplier engagement, ESG measurement, and reporting modules, lowering compliance burdens and time spent on disclosure. The company said that in addition to aiding reporting, its solution can be used for value creation, helping companies to execute projects enhancing energy efficiency and unlocking new electrification and energy storage opportunities.
Saleh ElHattab, CEO and Co-Founder of Gravity, said:
“Too often, sustainable disclosure is a manual, time-consuming chore that’s detached from evergreen business priorities. Ultimately, behind every ton of emissions is a cost – whether its energy spend, logistics investments, or purchased goods and services. Gravity taps into the fact that these cost centers are already well-tracked and can be measured automatically, while connecting the task of reporting back to every company’s core financial priorities of cost and risk mitigation. Reporting should be easy and connected to business value.”
Gravity said that it has been experienced rapid growth, with revenues increasing by 400% year-over-year. The company said that the new capital will be used in product research and development as it expands its carbon management solution and customer experience, with a particular focus on its energy efficiency marketplace to enable customers to identify and implement energy efficiency projects and introducing new decarbonization and financing partners, as well as to expand its team in the US and EU to deliver the platform to new markets.
The round was led by Ansa Capital, with participation from existing investors Eclipse, Hanover, and Caffeinated Capital, along with new investors Communitas Capital, Buoyant Ventures, and WEX Venture Capital. To date, Gravity has raised over $20 million.
As part of the round, Marco DeMeireles, Co-Founder and Managing Partner of Ansa Capital, will join Gravity’s board of directors.
DeMeireles said:
“Gravity is the first platform we’ve seen successfully leverage LLMs to automate emissions reporting for large-scale organizations and turn carbon accounting into a value driver by identifying and executing cost-saving opportunities through their marketplace. With a founding team that combines deep industrial expertise with world-class climate strategy and engineering excellence, we believe Gravity will be instrumental in helping the largest emitters move beyond emissions calculation to actively managing their energy costs through pragmatic, high-ROI actions on one convenient platform.”
