Insight Terra, a South African firm, has secured US$5.7 million in Series A extension funding to expand its AI-powered platform for environmental risk and greenhouse gas (GHG) analysis.
E3 Capital, Fireball Capital, Atlantic Bridge, Globalive, and JLR Star were the investors who participated to the latest round of funding.
With a focus on environmental risk management, Insight Terra provides a platform that converts complex data into useful insights. The platform’s emphasis on real-time analytics helps businesses to efficiently monitor and reduce their environmental impact, enhancing sustainability and compliance initiatives.
The investment showed a strong commitment to tech-enabled solutions to address climate change and a large investment into innovation, safety, and new climate tech for extractive sectors and beyond, according to Alastair Bovim, co-founder and CEO of Insight Terra.
“The investment will enable us to accelerate the development and expansion of our platform’s capabilities to comprehensively tackle some of the more complex monitoring, reporting, and verification challenges faced by various industries today,” Bovim said.
“In a country like South Africa where climate change is leading to a very real increase in the risks of critical infrastructure failure impacting communities and the environment, there is a compelling case to make better use of digital technology. Real-time monitoring and the conversion of insights into action helps mitigate the risks of negative environmental and human impacts from GHG emissions and geotechnical disasters, such as the 2019 Brazil Brumadinho dam collapse.” Bovim added.
E3 Capital’s lead on the deal, Andrew Darge, stated that the Insight Platform’s state-of-the-art capabilities place it at the forefront of technological solutions to manage climate-related risks across infrastructure in Africa’s vital industries.
“We believe the Insight Terra team and its platform can create a meaningful impact that aligns with E3’s objectives to invest in companies that drive low-carbon solutions for economies in Africa. We are proud to have led this round and joined an exceptional investor group,” Darge said.
The funding will be used by the business to grow its technical and commercial teams to scale its support for worldwide industries, enabling clients to meet international standards and ensure worker safety.
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