# Parallel Carbon

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/parallel-carbon

- Industry: Renewable Energy
- Headquarters: Essex, UK
- Website: www.parallelcarbon.com
- Total disclosed funding: $3.6M
- Latest round: Seed (Jan 9, 2024)
- Investors on record: 5

## About

Based in Essex, UK, and founded in 2021 by CEO Ryan Anderson, Parallel Carbon Limited, a.k.a. Parallel Carbon, is a clean technology company that focuses on providing carbon capture technology for direct air carbon dioxide capture and hydrogen production through water electrolysis. In January 2024, Parallel Carbon Limited raised USD 3.6 million in seed funding led by Aramco Ventures, with participation from AXON Partners, DNX Ventures, Voyagers Capital, and Rumbo Newspapers.

The company's process includes pulling carbon dioxide from the atmosphere while utilizing renewable energy for clean hydrogen production. Parallel Carbon’s system integrates water electrolysis and direct air capture (DAC) to reduce capital costs and better utilize low-cost renewable energy.

The company plans to use its proceeds from January 2023 funding to scale its team and technology and begin delivering carbon dioxide removal (CDR) credits to customers.

## Funding rounds

- Seed, Jan 9, 2024, $3.6M — AXON Partners, Rumbo Newspapers, DNX Ventures, Aramco Ventures, Voyagers Capital

## Investors

- AXON Partners — Seed
- Rumbo Newspapers — Seed
- DNX Ventures (https://capitalatlas.ai/funds/dnx-ventures) — Seed
- Aramco Ventures (https://capitalatlas.ai/funds/aramco-ventures) — Seed
- Voyagers Capital (https://capitalatlas.ai/funds/voyagers-capital) — Seed