Scope 3, a company focused on reducing carbon emissions in digital media, secures $25 million in funding to expand its emissions tracking methodologies to include the growing AI industry.
Scope 3, a company dedicated to reducing carbon emissions in the digital media sector, has announced a successful fundraising round of $25 million. This financial boost will enable the firm to broaden its focus, particularly targeting the growing climate impact associated with the artificial intelligence (AI) industry.
Established in 2021, Scope 3 has carved a niche in the media and advertising industries by providing tools that allow stakeholders to visualise, quantitatively assess, and subsequently reduce their carbon footprints. Their platform, underpinned by an emissions model utilizing open-source methodologies, provides detailed emissions measurements. This model benefits from a collaborative data contribution from participants throughout the advertising ecosystem, ensuring comprehensive and accurate emissions data.
With AI technology expanding rapidly, Scope 3 sees an urgent need to assist companies in reducing their carbon emissions within this burgeoning field. In light of this, Scope 3 has extended its emissions methodology to cover AI technologies. Along with this extension, the company unveiled its new open-source AI methodology. This framework is designed to track and measure the environmental impacts of various components within the AI lifecycle, enabling companies to formulate informed, data-driven strategies. This move is expected to help businesses determine optimal points for AI application that simultaneously reduce carbon footprints while maximising investment efficacy.
Brian O’Kelley, the Co-Founder and CEO of Scope 3, emphasised the necessity of this expanded focus. He noted the increasing confluence of AI and media, pointing out that the major players in AI are integrating advertising monetisation models similar to those utilised by search engine giants. O’Kelley observed, “AI and the media industry are soon going to be indistinguishable. That’s why extending our methodology to capture the climate impact of AI is imperative, both for our business and the industry as a whole.”
The recent funding round saw significant backing from several investors. Leading the charge was GV, formerly known as Google Ventures, a well-regarded venture capital firm. Existing investors Venrock, Room40 Ventures, and Craft Ventures also participated, alongside new investors Aperiam Ventures and Virgo Strategic Investments.
Erik Nordlander, General Partner at GV, voiced confidence in Scope 3’s mission and direction. He highlighted the significance of applying such detailed emissions tracking in the AI sector, which is poised to reshape industries globally. The substantial investment from GV signals strong endorsement for Scope 3’s capabilities and future potential in integrating environmental considerations into tech innovations.
Through this infusion of capital, Scope 3 is strategically positioned to enhance its impact on AI’s environmental footprint, aligning technological advancement with sustainability goals. As AI continues to evolve and expand its role in various industries, the efforts of companies like Scope 3 could prove pivotal in addressing the associated environmental challenges.
Source: Noah Wire Services
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