Validere, a Houston, TX and Calgary, and Toronto, Canada-based commodity management platform for the energy industry, raised US$43m (CA$55m) in Series B financing round.
The round was led by Mercuria Energy and select funds and accounts managed by BlackRock, with participation from Nova Fleet, Pioneer Fund and Natural Gas Innovation Fund. Existing investors, including Wing VC and Greylock Partners, also participated in the round. In conjunction with the funding, Brian Falik, Mercuria’s Chief Investment Officer – Americas, joined Validere’s board of directors.
Led by Nouman Ahmad, co-founder and CEO, Validere provides a platform that monitors, validates and forecasts data at the facility level to enable companies to improve their operations, and make commercial and emissions decisions. Energy companies use the platform to reduce operational upsets, receive higher netbacks and gain visibility into commercial decisions, all while managing sustainability reporting and monetization of environmentally differentiated products. Validere acts as the data layer for multiple environmental tracking initiatives, including a tokenization of voluntary carbon credits generated from a Carbon Capture, Utilization and Storage (CCUS) project that was transacted on blockchain, as well as the certification of operators that produce responsibly sourced natural gas (RSG) in partnership with third-party organizations such as Xpansiv, where RSG is verified to meet certain ESG standards such as methane emission intensity.
The company integrates data and insights on ESG markets with traditional commodity markets, giving clients a holistic picture for their core business decisions.