8 FEBRUARY 2010
[PDF Version: AMEE PR 20100208]
Amadeus Capital Partners, the European technology investor, has led a $5.5m Series B financing in AMEE, a US and UK-based company that has built the largest engine for computing greenhouse gas emissions.
Existing investors, including O’Reilly AlphaTech Ventures and Union Square Ventures, also participated in the financing. The funding will be used to expand AMEE’s geographic reach and enrich its scientific platform.
AMEE’s end market, enterprise carbon management, is expected to reach $4 billion by 2017, driven by increasing regulatory and consumer pressure to combat climate change.
AMEE’s engine is used by customers such as vendors of carbon accounting or business intelligence software, as well as governments, multi-nationals and SMEs needing to measure emissions. Customers include leading business intelligence vendor SAS and the UK Government’s Department of Energy and Climate Change (DECC).
Currently, multiple standards and hundreds of thousands of individual emission factors must be consulted to determine the footprint of activities and products. The result is that corporations and carbon accounting practitioners must navigate a complex regulatory and scientific maze in order to calculate and verify an organization’s emissions.
AMEE has codified the major greenhouse gas standards, their computation models, and emission factors into an engine that is available to clients via a web-based API (Application Programming Interface).
AMEE’s search engine (http://explorer.amee.com) also enables discovery of greenhouse gas standards and emission factors, while tracking provenance and providing a full audit trail for carbon accounting practitioners.
Pat Burtis, Investment Manager at Amadeus Capital Partners, joins the AMEE Board of Directors and says: “AMEE has recognized a clear and present need in the carbon accounting market and moved quickly to fill that gap. AMEE’s team has a unique combination of scientific, software, and web expertise, and we’re delighted to be part of their exciting growth story.” AMEE joins Amadeus’ growing portfolio of cleantech companies, which also includes GreenRoad, Nujira, and Edgeware.
Gavin Starks, CEO of AMEE, adds: “We are very excited to have Pat joining the AMEE board: Amadeus have demonstrated a deep understanding of our business and its strategic vision. AMEE addresses core needs of trust, accuracy and auditability in the emerging markets and this investment will catalyse our deployment.”
Legal advisers on the funding were Gunderson Dettmer for Amadeus, and Cooley Godward for AMEE.
For further information please contact
Chantal Ligertwood, PR for Amadeus, +44 (0)7976 229 210
Amadeus Capital Partners is one of Europe’s leading technology venture capital firms. Since its inception in 1997, the firm has backed companies across the technology spectrum in industries that include communications and networking hardware and software, cleantech, medtech, computer hardware and software, media, and e-commerce. Amadeus has £473m under management, with active investments in around 40 companies at any time. Amadeus offers its investee companies more than just capital – it offers vision, imagination, experience and a network of contacts across the globe.
Global businesses built by Amadeus include Cambridge Silicon Radio Ltd, now CSR plc (LSE:CSR), the leading producer of single chip bluetooth radios for short range connections, and Solexa Ltd, the developer of next generation genetic analysis systems, merged into Illumina, Inc. (ILMN) to create the world-leader in gene-sequencing technology.
AMEE helps companies, governments and consumers calculate their carbon footprint consistent with the best science and international standards. The AMEE API provides access to the most up-to-date carbon and environmental data. Applications and solutions that are “powered by AMEE” help ensure compliance with authoritative international standards.
In addition to Venture backing, AMEE is also backed by leading angel investors Toby Coppel (ex Yahoo, Allen & Co), George Coelho (Good Energies), Saul Klein (The Accelerator Group, Index Ventures), Afshin Rabbani (Princeton Consulting), and Alex Clode (Bloomberg).
ABOUT O’REILLY ALPHATECH VENTURES
O’Reilly AlphaTech Ventures (OATV) is a seed stage venture capital fund located in San Francisco, CA. OATV is in the business of funding disruptors, innovators and hackers of the status quo. OATV takes a cash efficient approach to seeding and growing businesses which creates a natural alignment with the entrepreneurs it funds. In addition to capital, OATV brings a depth of operational experience and industry relationships to amplify the efforts of its portfolio companies.
ABOUT UNION SQUARE VENTURES
Union Square Ventures (USV) is an early stage venture capital fund located in New York City. USV focuses on IT-enabled services in media, marketing, financial services, and other verticals. USV looks to back passionate, experienced entrepreneurs who are focused on creating highly scalable services and significant value propositions for their end users. The USV portfolio includes Etsy, Twitter, Indeed and Zynga.