Companies

Boomitra raises $4 million from Yara, Chevron Technology Ventures

Our Bureau Bengaluru | Updated on June 22, 2021

Think green: Decarbonisation is key   -  Getty Images/iStockphoto

Jerry Yang, co-founder of Yahoo, and sustainability investors Tom Steyer and Kat Taylor also participated in the funding round

Boomitra, a technology start-up working on removal of atmospheric carbon by using artificial intelligence in agriculture, said it has raised $4 million from Yara Growth Ventures, the VC arm of fertiliser major Yara International. Chevron Technology Ventures, Jerry Yang, co-founder of Yahoo, and billionaire sustainability investors Tom Steyer and Kat Taylor are the other investors participated in the funding, it said on Tuesday.

Boomitra has built satellite and Artificial Intelligence-based technology over the past four years to directly measure soil carbon levels without using sensors or soil sampling – this technology enables soil carbon sequestration to be scaled on a global level. It also enables farmers across the world to participate and increase their incomes, the company said in a statement.

Boomitra operates an international soil carbon market, where corporations and governments are able to get the lowest-cost internationally certified carbon removal credits and farmers around the world are incentivised to increase soil organic carbon, sequestering CO2.

Boomitra was founded as ConserWater in 2016 by founder and CEO Aadith Moorthy. Today, Boomitra works with ground partners across more than 2 million acres and many thousands of farmers in countries such as Mexico, Kenya and India and is in the process of generating and certifying more than 10 million tonnes of carbon removal this year.

“It is just the beginning for Boomitra – we are positioned to create and quantify millions of tonnes of real carbon removals. And we are now officially open for business – sign up on our website to buy carbon removals at any scale and support farmers worldwide!” says Moorthy in a statement. In the near future, Boomitra seeks to enable farmers to be a key part of the solution to addressing climate change. The company is building a 20-member team for its Indian operations.

“Boomitra’s remote technology and marketplace have the opportunity to categorically change the way agri-carbon credits are monitored, packaged, and sold. All while enabling small holder farmers with as little as two hectares, to make money while sequestering carbon. We’re proud to help the team scale in this next phase of their journey,” said Erkki Aaltonen, Head of Yara Growth Ventures.

Published on June 22, 2021

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