Carbon emissions management platform Sprih recently raised $3 million in a seed funding round led by Leo Capital.The funds will be used to fuel the company’s sales and marketing activities, and expansion.

The company, which has created an artificial intelligence (AI) platform designed to assist companies in streamlining their sustainability goals, will use the funds to expand its presence in the U.S., Europe, and other key global markets, as well as its existing customer base in India. It will also deploy funds to acquire the talent required to create AI models centered around climate.

Sprih’s SaaS business model, alongside an ecosystem of climate solutions, enables the company to assist businesses in creating data-driven, action-oriented sustainability strategies. The company has currently forged research partnerships with IIT Kanpur and IIT Bombay. Sprih’s current customer base comprises public and private companies, including Indigo Paints, Hero Motors, Arvind SmartSpaces, EspiIndustries and InfoBeans.

“With stricter climate laws and trade agreements across the globe, businesses are confronted with existential challenges. At Sprih, we are on a mission to make the future better by empowering businesses with the right tools to turn these challenges into opportunities, enabling them to establish a competitive edge through sustainability. We are thrilled to announce our seed investment round. With the infusion of this capital, we are well-positioned to accelerate our growth, expand the team, and bring more innovative solutions to the market,” said Akash Keshav, CEO and Co-founder at Sprih.

Ravi Srivastava, Partner, Leo Capital, commented, “With increasing top-down commitments towards net zero, sustainability is steadily becoming a crucial part of businesses’ growth agenda. However, without any prior framework, most companies struggle to develop a viable path to their sustainability goals. Here, Sprih’s AI-driven scope-3 carbon accounting & benchmarking platform has the potential to be a game-changer for businesses.”

Last year, the Bureau of Energy Efficiency issued a draft Accreditation Procedure and Eligibility Criteria for Accredited Carbon Verification Agencies (ACV). Under the new procedure, the reduction in greenhouse gas emission intensity achieved by obligated entities will be assessed by ACVs accredited by the bureau.

According to a report by the International Energy Agency, India’s weakened monsoon spell and strong GDP growth added nearly 190 million tons of CO2 to global emissions in 2023.