Scope3 announced the closing of $25 million in new funding led by GV, which will allow the sustainability platform to expand its work beyond the advertising ecosystem and tackle the pressing climate impact of the booming AI industry.
The round included participation from existing investors Venrock, Room40 Ventures, and Craft Ventures, as well as from new investors Aperiam Ventures and Virgo Strategic Investments.
Scope3 has pioneered sustainable digital media since its inception in 2021. Through its ad campaign sustainability solutions and open-source methodology, Scope3 has supplied the media and advertising industries with tools to analyse and reduce carbon emissions without sacrificing ROI, cost or business success.
Coca-Cola, General Motors, Mastercard and Sanofi are among the thousands of brands that use Scope3 to measure and decarbonise their media. The platform claims nearly 3,000 metric tons of carbon emissions have been avoided by using its Green Media Products in the last 18 months.
Scope3 noted that decarbonisation solutions are gaining traction across the industry, with its platform revenue growing 12x YoY (Q2 ‘23 – Q2 ‘24). The platform noted that as AI innovation hits an inflection point and the environmental impact is coming to light, Scope3 is taking its proven approach to decarbonising the advertising and media supply chain and applying it to AI.
The platform noted that the rapid adoption of AI is leaving significant environmental repercussions in its wake and that companies across are increasingly facing pressure to implement AI strategies while trying to meet climate commitments, and struggling to find a clear solution to keep emissions under control.
Scope3 says it is uniquely positioned to help companies balance their sustainability goals without compromising their AI ambitions that drive innovation and business success.
“AI and the media industry are soon going to be indistinguishable,” said Brian O’Kelley, co-founder and CEO of Scope3.
“The biggest AI players are monetising through advertising, just like the search giants before them, and every marketer is using AI to create the content that fuels their campaigns. 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 most innovative companies in the world are considering sustainable AI practices that address environmental concerns while delivering real business value,” said Erik Nordlander, general partner at GV. “Scope3 has the talent, technology, and expertise needed to decarbonise the media and advertising industry.”
“We’ve seen the impact Brian O’Kelley and the Scope3 team have had on the advertising and marketing supply chain, and we’re excited to double down on our investment based on the traction we’ve seen. We’re proud to deepen our partnership with Brian and support Scope3’s mission as we move toward a more sustainable future.”
Alongside the funding, Scope3 is releasing its open-source AI methodology to the public. This methodology sheds light on the digital waste produced by the AI supply chain by precisely tracing and measuring the environmental impacts of the entire life cycle of an AI product, process or service. This ultimately enables every company using AI to make data-driven strategies on when, how and where to apply different AI solutions to reduce their carbon footprints and maximise the efficacy of their AI investments.