A San Francisco startup is pitching a new way to combat climate change.
Heirloom has developed a new kind of capture technology that uses common minerals to soak up carbon dioxide from the air. Since it launched last year, the company, legally known as Heirloom Carbon Technologies Inc., has been able to perfect its technology, it said in a news release Thursday.
"We've made a breakthrough in the rate we take up CO2 from the atmosphere, giving us a clear path to ultra (low) cost, highly scalable carbon removal," Shashank Samala, the startup's co-founder and CEO, said in the news announcement.
Heirloom plans to store the captured carbon underground and to make money by selling carbon credits to companies looking to balance their emissions.
The promise of its service recently won over some prominent investors who provided it with $53 million in new cash to fuel further research and deploy its technology. The company announced Thursday its new Series A round included investments from such green-technology backers as Carbon Direct, Bill Gates' Breakthrough Energy Ventures and Microsoft's Climate Innovation Fund.
Here's more on Heirloom's new round and other Series A funding news from this past week:
Heirloom Carbon Technologies Inc. (dba Heirloom), San Francisco, $53 million: Carbon Direct, Ahren Innovation Capital and Breakthrough Energy Ventures invested in this developer of carbon capture technology and seller of carbon credits. Microsoft's Climate Innovation Fund also invested.
Selector Software Inc., Santa Clara, $28 million: Two Bear Capital, SineWave Ventures and Atlantic Bridge led the round for this provider of network monitoring and analysis software. Comcast Ventures and Azure Capital Partners also participated.
Euclid Labs Inc. (dba Magic Eden), San Francisco, $27 million: Paradigm led the round for this operator of a marketplace to buy and sell non-fungible tokens, or NFTs. Sequoia Capital, Electric Capital, Greylock Partners, Kindred Capital, Variant Fund and the Solana Foundation also participated.
RutterAPI Inc. (dba Rutter), San Francisco, $27 million: Andreessen Horowitz led the round for this provider of software that helps businesses connect their systems with other companies' payment, e-commerce and accounting services. Comma Capital, Mischief Capital, Basis Set Ventures, Haystack and the Chainsmokers also invested.
Avive Solutions Inc., San Francisco, $22 million: Questa Capital, Catalyst Health Ventures and Laerdal Million Lives Fund invested in this developer of a portable defibrillator designed to increase the survival rate from sudden cardiac arrest.
Clockwork Systems, Inc. (dba Clockwork), Palo Alto, $21 million: New Enterprise Associates led the round for this provider of latency analysis service and clock syncing services for computer networks. John Hennessey, Ram Shriram and Jerry Yang also invested.
100ms Inc., Fremont, $20 million: Alpha Wave led the round for this provider of video conferencing software. Matrix Partners India, LocalGlobe and insiders Accel and Strive.vc also invested.
SafeBase Inc., San Francisco, $18 million: New Enterprise Associates led the round for this provider of a service that allows sales teams and prospective clients to share information securely. Y Combinator and Comcast Ventures also invested.
Stilt Inc., San Francisco, $14 million: Link Ventures led the round for this provider of loans to immigrants, visa holders and people considered to be credit risks. Petrushka Investments, Hillsven Capital, Gokul Rajaram, Claire Hughes Johnson and Rahul Vohra also invested.
