Coral, a climate technology company that uses blockchain and AI to manage carbon emissions, has raised $3 million in pre-seed funding.
The company aims to improve its platform and expand to Abu Dhabi, while also growing its team of experts and enhancing its AI technologies, thanks to the new funding.
Ensuring transparency in carbon credits
Coral announced on September 24 that it had successfully raised $3 million in a pre-seed investment round led by seasoned tech investors with decades of industry experience. The company intends to use these funds to expand its operational scope, which includes establishing an Abu Dhabi office and employing top talent to scale its offerings. The funding will also aid in accelerating the development of its AI-powered platform, which streamlines carbon data management and offers organisations a comprehensive tool for measuring and reporting emissions.
Coral’s platform provides full lifecycle tracking of carbon credits, while blockchain technology provides real-time verification to confirm the quality and authenticity of carbon offsets.
Commenting on the recent funding, Daniele Sileri, Coral’s director of product and strategy, expressed the team’s enthusiasm: “We’re grateful for the support from our investors, who share our vision for a sustainable future. This funding allows us to expand our platform, strengthen our team, and advance our mission to make carbon neutrality more transparent and accessible for businesses worldwide.”
The startup had already established commercial relationships, including one with Nissan, in which Coral manages carbon offsets for the automaker’s Formula E team. Coral’s Emissions Management System (EMS) is now used by a number of companies, and the company is actively seeking new corporate partners, including global climate organisations.
Jürgen Hoebarth, Coral’s Director of Operations and Research, highlighted how the company sets itself apart by integrating blockchain and AI into its emissions management system. He emphasised that Coral’s innovative approach positions it to help organisations achieve their sustainability targets.
Shifting regulatory landscape for cryptocurrency in the UAE
In related news, the UAE is establishing itself as a cryptocurrency-friendly region by eliminating taxes on cryptocurrency transactions beginning November 15. The Federal Tax Authority (FTA) has enacted measures that will exempt people and organisations from paying Value Added Tax (VAT) on the transfer and exchange of virtual assets, including cryptocurrencies.
The tax exemption is intended to establish a supportive environment for crypto-related ventures. Businesses dealing with virtual assets can re-evaluate the impact of the VAT exemption and change their tax fillings accordingly. The UAE’s move to increase cryptocurrency adoption could have an impact on other countries, including the United States, particularly with elections on November 4th, when similar rules may come under scrutiny.
Earlier this year, the UAE also authorised the payment of salaries in cryptocurrency, further cementing its commitment to becoming a global hub for digital asset innovation.
(Photo by Ijaz Rafi)
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