US blog GreenBeat has reported that a new start-up software company, known as C3, has brought in $26m of an anticipated $43.4m third round of venture funding, according to a filing with the SEC.
C3 is apparently developing enterprise software to help companies keep track of and reduce their carbon emissions, which means it’s joining an increasingly crowded Carbon Emissions Management Software (CEMS) market.
What’s different is the people behind it. The company was founded by Thomas Siebel, who sold Siebel Systems to Oracle for $5.7bn in 2005, and it has former US Secretary of State Condoleezza Rice and former Secretary of Energy Spencer Abraham on the board.
What’s really intriguing is that this is a very conservative cast list. As well as the Republican politicians, Siebel himself was apparently a major supporter of Sarah Palin during the election. But the Republicans in the Senate are against any cap-and-trade system, which is the major driver for the CEMS market. So even those who have reservations about climate change legislation recognise the business potential in the green ICT!
Of course the CEMS market covers a lot of flavours, from simply carbon counting through to managing emissions, scenario testing, trading, ensuring security, etc. so maybe C3 will carve a particular niche in the global market. With that sort of backing I guess it won’t be long before we hear more.