Sylvera

UK-based Sylvera provides ratings for carbon offsetting projects using machine learning to analyze data, including satellite images, to look at historical land use and assess how a carbon offsetting project is performing against the benchmark set by its developers. It then assigns a rating to the project based on criteria such as raw carbon performance, additionality, permanence, co-benefits, and risk.

Sylvera offers two core services, a web platform and an API. The web platform presents project performance and quality ratings using interactive map-based tools to enable real-time and granular data interrogation. The API serves this data for presentation and analysis on other platforms. Project developers can subscribe to the web platform for a fixed monthly subscription fee while the API pricing is customized.

Sylvera launched its carbon offset rating platform in May 2021. As of February 2023, Sylvera had rated around 115 offsetting projects. 

Key customers and partnerships

In August 2023, the company partnered with Oka , a carbon insurance company, to integrate carbon intelligence across the carbon credit insurance industry. In December 2023, Sylvera partnered with AirCarbon Exchange, a Singapore-based voluntary carbon market to launch Sylvera A-rated nature contracts in Singapore. In addition, the company also collaborated with Singapore-based carbon marketplaces, such as Climate Impact X and Ureca. In January 2024, Sylvera partnered with Tasman Environmental Markets ( TEM ), to enhance the latter’s due diligence process for carbon projects through Sylvera’s project ratings, co-benefits, and impact data. Some of the company's high-profile customers include S&P Global, Salesforce, BCG, Mitsubishi, Bain and Company and Equinor.

Funding and Financials 

In August 2023, Sylvera was awarded an undisclosed grant by Innovate UK to fund the monitoring, reporting, and verification (MRV) of carbon removal in peatlands in the UK. The company’s most recent funding round was in July 2023, when it raised USD 57 million in a Series B funding round led by Balderton Capital. The funds were utilized to open a New York office and to build up a local team to provide services to the US financial services companies and asset management industry. Previously in January 2022, Sylvera raised USD 32.6 million in a Series A funding round co-led by Index Ventures and Insight Partners.