Scope3 secures millions in funding for sustainable AI expansion
Through the closing of $25 million in funding with GV’s assistance, Scope3 is set to tackle the artificial intelligence (AI) industry’s impact on the climate, seeing them branch out from its advertising focus.
In addition to GV, Craft Ventures, Venrock and Room40 Ventures – all pre-existing investors – as well as Virgo Strategic Investments and Aperiam Ventures – fresh investors – contributed to the round.
The funding closure will see Scope3 leverage its decarbonisation knowledge and methodologies that is typically reserved for the media and advertising sector, and apply it to the AI space.
With its growing presence within the business world and the climate crisis continuing to impact society, and the world, at large, organisations are finding themselves using the technology while juggling a commitment to environmental wellbeing. But with Scope3’s expertise in the marketing sector and its ongoing adoption of AI, the corporation says it understands both sides of the fence and is fully capapble of helping.
“AI and the media industry are soon going to be indistinguishable,” Scope3’s chief executive officer and founder, Brian O’Kelley, explained.
“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,” explained GV’s general partner, Erik Norlander.
“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.”
In addition to multi-million funding, Scope3 is rolling out “its open-source AI methodology” to general audiences, unveiling the true environmental impact of AI’s supply chain in terms of digital waste via tracking and analysing “the entire life cycle of an AI product, process or service.”
Moving forward, the generally available methodology is expected to provide organisations with the data they need to utilise the maximum value of AI solutions and investments, while mitigating their carbon footprints.
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Matthew is the editorial assistant at Mumbrella. He joined the company at the end of September 2023.
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