Baltimore-based Dynamhex, a software company that provides energy consumption and carbon footprint data for corporate, utility and government, raised $1.5 million in a seed round.
The round includes a $250,000 investment from the Maryland Momentum Fund, which is the venture fund in which the University System of Maryland invests in companies with ties to its institutions. It also includes a $200,000 investment from the Chesapeake Bay Seed Capital Fund, a College Park-based fund that invests in companies that can help improve air and water quality in the Chesapeake Bay watershed. Further participants include Intelis Capital, the Exelon Climate Change Investment Initiative and the KCRise Fund.
The company was founded in 2019 by Sanwar Sunny, who is a professor of entrepreneurship at the University of Baltimore.
“Dynamhex turns corporate and municipal climate commitments and bespoke [environmental, social and corporate governance] goals into high-fidelity, investment-grade fundable energy projects using our machine-readable climate action roadmapping platform,” Sunny said.
The platform uses AI to ingest, monitor and visualize energy consumption and emissions data.
It also offers cities and utility service territories with “a communication platform that makes it easy for everyone to support the transition to a low-carbon future,” Sunny said.
“By improving a community’s understanding of carbon impacts, we are reducing the impact of greenhouse gas emissions,” he said.
The company has provided data to Duke Energy, Constellation Energy and the National Resource Defense Council. It is also working with the City of Baltimore, mapping the city “so that each resident and local business can understand their carbon footprint and take steps to reduce those emissions over time, in lock step with the City’s climate targets.”
Following the funding round, the company is planning to continue developing its technology, and will build out the five-member team by hiring engineers and account managers.
“Carbon footprint measurement and management is important, and we cannot manage what we cannot measure,” said Claire Broido Johnson, managing director of the Momentum Fund, in a statement. “As climate change is one of the most important problems of our lifetimes, we are happy to support Dynamhex, which is helping organizations make better decisions about how to meet their climate change reduction goals.”-30-