UK startup Circulor said on Tuesday it had raised $25 million to fund expansion, mainly in the United States.
The company uses blockchain technology to map supply chains for firms pursuing greener, more sustainable production.
The Series B funding round brings the company’s fundraising during the last two years to $45 million. The funding round was led by early Tesla investor Westly Group and also had investments from the venture capital arms of Volvo Cars, Jaguar Land Rover and BHP Group.
Circulor is working with automakers such as Volvo, Jaguar Land Rover, and miners and energy companies BHP and TotalEnergies for tracing their supply chains as they pursue environmental, social, and corporate governance (ESG) goals.
BHP has utilized Circulor’s blockchain platform for tracking the carbon emissions of nickel from the point when it was mined to Tesla’s factory in Shanghai.
The U.S. government has also pushed for domestic electric vehicle battery production, which Circulor said will intensify the need for better supply chain mapping.