Axiom, Pavilion back Japan climate tech start-up Asuene
Axiom Asia and Temasek Holdings-controlled Pavilion Capital have joined a USD 20m Series B round for Asuene, a Japan-based climate technology start-up that helps companies track carbon emissions.
Other participating investors – there were 14 in total – include Salesforce Ventures and Masayuki Mochida of Tybourne Capital Management, according to a statement. The proceeds will go towards recruitment, improving the functionality of Asuene’s emissions-tracking software, and revising system specifications to meet the needs of the global market.
AVCJ Research’s records indicate that the round was split across two tranches, the first of which closed in April. Energy & Environment Investment, GMO Venture Partners, Incubate Fund, Strive, Shoko Chukin Bank, SBI Investment, Glin Impact Capital, Japan Finance Corporation, Resona Bank, and MUFG Bank also took part.
Asuene was founded in October 2019 and received JPY 75m (USD 690,000) in seed capital from Incubate Fund within two months. Incubate returned in April 2021 with a JPY 300m Series A, which also featured Strive and Energy & Environment Investment, a cleantech VC unit under SBI Holdings.
The company’s flagship product is a cloud-based platform for measuring and reporting carbon emissions. It uses artificial intelligence-enabled image recognition software to visualise emissions across scope one, scope two, and scope three, following global standardised frameworks.
The company also provides consulting services on how enterprise customers can reduce emissions through increasing reliance on renewable energy, using environmentally friendly suppliers, and carbon offsets. It claims to deliver a 70% reduction in time spent on emissions reduction. Contracted orders are growing at an average monthly rate of more than 120%.
"The issue of climate change is imminent, and as listed companies on the Tokyo Stock Exchange Prime Market are required to disclose more information on their climate change measures, companies need to take stronger measures to combat climate change," said Takuya Hosomura, a principal at Salesforce Ventures.
"Based on the business they have developed, Asuene can provide such companies a 'one-stop solution for decarbonization' with visualization, target management, and the reduction of CO2 emissions.”
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