ALT CARBON Raises $12 Million Seed Funding for Carbon Dioxide Removal Initiatives
ALT CARBON, a deeptech startup, has successfully raised $12 million (approximately Rs 102.8 crore) in a seed funding round. This round was led by Lachy Groom, with additional participation from Shastra VC and various angel investors including Jason Zhao, Amrendra Singh, Tanmay Bhat, Arjun Soin, Nakuul Mehta, Arjun Ramani, Advaith Vishwanath, and Rahul Seth.
The cofounder of ALT CARBON, Shrey Agarwal, announced this funding milestone in a post on LinkedIn. The funds will be directed towards the development of innovative projects aimed at facilitating carbon dioxide removal (CDR) throughout South Asia, as well as on research and development initiatives, as mentioned in a press release from the company.
Innovative Solutions for Carbon Dioxide Removal
Founded in 2023 by Shrey and Sparsh Agarwal, ALT CARBON assists farmers and scientists in transforming dormant lands into effective carbon removal sinks. The company aims to utilise advanced technologies such as Enhanced Rock Weathering (ERW) to position South Asia at the forefront of CDR efforts.
Future Plans and Eco-Friendly Projects
With the fresh funding, the Bengaluru-based startup intends to enhance its scientific capabilities, undertake advanced research and development, gather high-quality data, and develop Machine Learning models that will expedite its operations. One of its key projects, the Darjeeling Revival Project (DRP), focuses on rejuvenating degraded soils, restoring local livelihoods, and rebuilding ecosystems in Darjeeling, India.
Ambitious Goals for 2030
ALT CARBON has set an ambitious target to remove 5 million metric tons of CO2 by 2030 and aims to become a leader in carbon dioxide removal in South Asia. The startup actively collaborates with local agricultural communities and partners with organisations such as Frontier and Shopify. The ERW technology not only acts to remove carbon dioxide from the atmosphere but also enhances soil health, which can lead to improved crop yields and better support for local economies.