Scope3 has closed a fundraising round of $25 million led by GV. The funding will enable its expansion from working to track the carbon emissions created by digital advertising and into AI.
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.
Decarbonisation solutions are gaining serious traction across the industry — usage revenue of Scope3 has grown 12x YoY (Q2 ‘23 → Q2 ‘24). Now, 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.
At a time when the climate crisis grows more pressing and severe by the day, the rapid adoption of AI is leaving significant environmental repercussions in its wake. The training process for a single AI model consumes thousands of megawatt hours of electricity and emits hundreds of tons of carbon. Companies across the board are increasingly facing pressure to implement AI strategies while trying to meet climate commitments, and they are struggling to find a clear solution to keep emissions under control. With the marketing industry leading the rapid adoption of AI, Scope3 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. Scope3 has the talent, technology, and expertise needed to decarbonise the media and advertising industry,” said Erik Nordlander, General Partner at GV. “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.
