The Westly Group led the round with participation from Salesforce Ventures, BHP Ventures, Future Positive Capital, 24Haymarket and Sky Ocean Ventures.
Existing investors in the company include Boeing HorizonX, Volvo Cars Technology Fund, Jaguar Land Rover's CVC arm, InMotion Ventures, SYSTEMIQ, Plug and Play and TotalEnergies Ventures.
Circulor provides an enterprise software platform that uses a combination of technologies, including blockchain, business logic and machine learning. Its enterprise software platform creates a reliable chain of custody of materials and attaches sustainability and other environmental, social and governance (ESG) data to that flow of materials by assigning a digital identity to commodities, than tracking the supply chain data and embedded carbon at each stage of production, recycling and end-of-life.
This enables businesses to analyse, track and manage their supply chains to support responsible sourcing and improve sustainability by providing full visibility across traditionally opaque and complex supply chains, helping companies address ESG objectives.
The company said it will use the new investment to drive ongoing innovation and extend its presence in North America and Asia.
Circulor has successfully sold its solution to the electric vehicle industry, where it allows automotive manufacturers and suppliers to track materials such as cobalt, mica and lithium. The company is tracing other commodities, including nickel, copper, plastics and leather, and is deployed in circular economy solutions such as the remanufacturing of automotive parts.
The company said this level of traceability means that customers can promote sustainable and ethical practices in their supply chains and provide better transparency for consumers. It will also enable them and their supply chains to meet upcoming EU Battery Passport regulations, which will require transparency of recycling efficiencies and recovery of EV battery materials and carbon intensity, and the meeting of extended producer responsibility.
Circulor said it is also helping customers to reduce emissions across their entire value chains and to fulfil their emissions reduction and climate-neutral commitments. For example, mining major BHP is using it in projects to trace certain commodities across its value chain, including CO2 footprint.
Other notable Circulor customers include: Volvo Cars, to trace the cobalt used in the XC40 Recharge, its first fully electric car; Polestar, to assess the environmental and human rights risks behind sourcing nickel, lithium and mica for its high-performance electric cars; and Vulcan Energy Resources, to track the production and embedded carbon of lithium.
Douglas Johnson-Poensgen, CEO of Circulor, said: "We are on a mission to make the world's most complex industrial supply chains more transparent, and help prevent the exploitation of people and our planet. Traceability-as-a-service is fast becoming a requirement for the world's leading brands and this funding will help us accelerate our impact and revenue growth."
The Westly Group, an early investor in automotive leaders like Tesla and Luminar, is enthusiastic about Circulor's ability to drive supply chain visibility and ESG practices. Steve Westly, founder and managing partner of The Westly Group who is also joining the Circulor board, commented: "Circulor has established itself as a leader in helping manufacturers source responsibly and measure carbon emissions. It has the most commercial traction and mature and complete solution in the space. We're thrilled to partner with the team."
Veera Johnson, co-founder of Circulor, who will chair Circulor's advisory board, added: "We are looking forward to working even more strategically with our investors and industry leaders to extend our capabilities and market presence in order to consolidate and enhance our position as the leader in sustainable supply chain traceability."
In May 2018, Circulor teamed up with American Manganese to pilot blockchain technology for ethically sourced electric vehicle battery metals.
