Mirico raises $2M in new funding

June 14, 2024

Mirico has raised $2M in a funding round to advance its distinctive laser-based sensing and data analytics platform. Shell Ventures and New Climate Ventures led the round, with substantial participation from the UK Innovation and Science Seed Fund (UKI2S) and other existing and new investors. The new funding will fuel Mirico’s commercial development in the US, Canada, and other regions, while also extending the company’s product roadmap.

Bob Flint, CEO of Mirico, expressed his enthusiasm: “We are delighted to announce this raise which will accelerate our mission to provide customers with tools to effectively monitor and manage their emissions, combating climate change and supporting the global energy transition. I’d like to thank our investors who are supporting us so brilliantly with funding as well as advice and connections. We’re now gearing up to meet the expanding market being created on the back of initiatives like the UN’s Global Methane Pledge and the US Methane Emissions Reduction Program. The opportunity is especially strong in Canada and the Americas, where the energy industry is beginning an investment wave to address its methane issues.”

Jon Greene, Investment Principal with New Climate Ventures, added: “We are excited to deepen our commitment to Bob and the team. We invest in companies for the long haul and understand that success takes hard work, dedication, and sheer perseverance. Mirico is a great example of this, and we look forward to working alongside them in their next phase of development.”

Shruti Iyengar, Investment Manager at UKI2S (managed by Future Planet Capital), highlighted the critical need for Mirico’s technology: “If the world is serious about the 1.5°C scenario, tackling methane emissions needs to take centre stage. Mirico’s unique approach can really help to reduce emissions from a wide range of industries and become a trusted part of the sustainability toolkit for companies wanting to decarbonise their operations. As one of the first investors in Mirico, we are excited to continue to support them and have strong conviction in the potential of the solution – and the team – to succeed.”

Mirico is well-positioned to support initiatives like the UN’s Global Methane Pledge and the US Methane Emissions Reduction Program. These initiatives aim to catalyse global action to reduce methane emissions by at least 30% from 2020 levels by 2030, which is crucial for meeting the 1.5°C pathways.