- Companies
- Project Canary
Project Canary Funding, Investors & Competitors
Project Canary has raised $121M across 3 funding rounds, most recently a $111M Series B in February 2022.
Last Project Canary funding round
$111M
Series B · Feb 2022
Cumulative funding Project Canary raised
$121M
across 3 funding rounds
Key investors in Project Canary
Energy Impact Partners
Quantum Energy Partners
Techstars
Insight Partners
CPP Investments
Frontier Venture Capital
Citi Impact Fund
Brookfield Growth
About Project Canary
Project Canary is an environmental monitoring platform at projectcanary.com providing methane detection sensors for oil and gas operations. Deployed in Colorado and Texas fields, it delivers real-time emissions data for compliance reporting and risk reduction. Clients include ExxonMobil and Occidental Petroleum using its Guardian system.
Founded
2018
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Project Canary Funding History
Project Canary has raised a total of $121M across 3 funding rounds.
Project Canary's first fundraising round was a $100K pre-seed round in September 2020. The most recent completed round was a $111M Series B in February 2022.
Project Canary funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Feb 2022 | Series B | Insight Partners (lead); Quantum Energy Partners; Carica Sustainable Investments; CPP Investments; Citi Impact Fund; Frontier Venture Capital; Energy Impact Partners; Brookfield Growth | $111M | Project Canary is a Denver-based climate tech and SaaS company providing independent environmental assessments, high-fidelity continuous monitoring solutions, and data analytics focused on the E in ESG for emission-intensive industries, particularly measuring methane and other emissions at the facility level to help companies improve operations and demonstrate net-zero progress. Formed as a Public Benefit Corporation, it offers measured emission profiles and scores responsible operations using sensor-based technology and expert analysis. On February 24, 2022, Project Canary raised $111 million in an oversubscribed Series B funding round led by Insight Partners, with participation from Brookfield Growth, CPP Investments, Carica Sustainable Investments, and prior investors Quantum Energy Partners, Energy Impact Partners, and Frontier Venture Capital. Insight Partners received a board seat. The investors bring expertise in SaaS, climate tech, energy transition, and industry operations. The funding is intended to scale core emissions measurement solutions, expand into new emission-intensive sectors beyond energy, and accelerate growth in the measurement economy where verified environmental data is increasingly required for ESG compliance and net-zero goals. CEO Chris Romer emphasized providing 'net-zero proof' with trusted, precise data over estimates. Project Canary's solutions target commodity buyers tracking environmental performance in energy supply chains and support regulatory and stakeholder demands for accurate emissions data. |
| Apr 2021 | Series A | Quantum Energy Partners (lead); Energy Impact Partners; Global Reserve Group | $10M | Project Canary is an ESG data and continuous emissions monitoring technology provider focused on accurately tracking methane and other emissions from energy operations. The company provides sensor-based emissions monitoring solutions for oil and gas producers seeking to offset emissions and meet regulatory requirements. In April 2021, Project Canary closed a Series A funding round of $10 million led by Quantum Energy Partners, with co-investors Global Reserve Group and Energy Impact Partners. The capital supported the development of Project Canary's monitoring technology and expansion of its customer base in the energy sector. Following this early-stage investment, the company demonstrated significant traction, closing a Series B round of $111 million in 2022 led by Insight Partners, reflecting strong investor demand for emissions monitoring solutions in the energy transition market. |
| Sep 2020 | Pre-seed | Techstars (lead) | $100K | - |
Who has invested in Project Canary?
10 investors have backed Project Canary across its funding rounds, including Energy Impact Partners, Quantum Energy Partners, Techstars, Insight Partners, CPP Investments and Frontier Venture Capital.
Lead investors include Insight Partners, Quantum Energy Partners and Techstars.
Project Canary Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Apr 2021 | ||
| 2 | Participant | Apr 2021 | ||
| 1 | Participant | Feb 2022 | ||
| 1 | Participant | Feb 2022 | ||
| 1 | Participant | Feb 2022 | ||
| 1 | Participant | Feb 2022 | ||
| 1 | Lead | Sep 2020 | ||
| 1 | Lead | Feb 2022 | ||
This data is available for Pro users. Sign up to see all 10 Project Canary investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Project Canary
Project Canary has acquired 3 companies to date.
Last acquisition by Project Canary was on March 24th 2022. Project Canary acquired Aeris Technologies for undisclosed valuation.
Latest Acquisitions by Project Canary
| Description | Aeris Technologies crafts laser-based analyzers for precise gas detection and advanced leak monitoring systems. | Troposphere is a Baltimore-based Greentech company deploying air and water quality monitoring stations. Sensors measure PM2.5, ozone, nitrogen dioxide, temperature, and humidity in real-time via LoRaWAN networks. Deployed in 20 Maryland cities with dashboards for public access, the system feeds data to EPA portals. Founded in 2018, expansion targets European smart cities through partnerships with Siemens. | Independent Energy Standards is an analytics provider for the oil and gas sector. Its risk-driven system integrates frameworks and proprietary software to deliver ratings, scoring, and event risk management. The platform helps operators enhance budget efficiency, mitigate responsibilities, and engage stakeholders, using data models tailored to industry challenges. |
| HQ Country | |||
| HQ City | San Francisco, CA | Baltimore, MD | Dallas, TX |
| Deal Date | 24 Mar 2022 | 9 Dec 2020 | 5 Aug 2020 |
| Valuation | undisclosed | undisclosed | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
This data is available for Pro users. Sign up to see all Project Canary acquisitions and their M&A valuation multiples. Start Free Trial | |||
Project Canary Competitors
Project Canary competitors include listed companies like BOE, Samsara, Lite-On Technology and Sharetronic, and private ones like UNISOC and Verkada.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $31B | $7B | $32B | 1.6x | ||
| Publicly listed | $1.6B | ($29M) | $23B | 12.0x | ||
| Publicly listed | $5.2B | $700M | $20B | 2.9x | ||
| Publicly listed | $1.8B | $325M | $19B | - | ||
| Private | - | - | $9.1B | - | ||
| Private | - | - | $5.8B | - |
Project Canary Public Comps
Project Canary is still privately-owned, but its public comps include Johnson Controls, BOE, Samsara, Lite-On Technology, Sharetronic, Advantech, PTC, Huaqin Co, CIG Shanghai and Acuity.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $24B | $3B | 4.0x | 3.7x | 31.0x | 20.0x | |||
| $31B | $7B | 1.7x | 1.6x | 7.5x | 7.3x | |||
| $1.6B | ($29M) | 14.0x | 12.0x | (794.5x) | 55.7x | |||
| $5.2B | $700M | 3.6x | 2.9x | 26.5x | 19.7x | |||
| $1.8B | $325M | 12.2x | - | 68.8x | - | |||
| $2.2B | $428M | 8.2x | 6.1x | 42.5x | 30.4x | |||
| $2.7B | $1.1B | 5.8x | 5.8x | 14.0x | 11.8x | |||
| $26B | $900M | 0.6x | 0.5x | 16.5x | 14.4x | |||
This data is available for Pro users. Sign up to see all Project Canary competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Project Canary
| When was Project Canary founded? | Project Canary was founded in 2018. |
| Where is Project Canary headquartered? | Project Canary is headquartered in Denver, CO, United States. |
| Is Project Canary publicly listed? | No, Project Canary is a private, VC-backed company. |
| How much funding has Project Canary raised? | Project Canary has raised $121M across 3 funding rounds. |
| What was Project Canary's last funding round? | Project Canary's last funding round was a $111M Series B in February 2022, led by Insight Partners. |
| Who are Project Canary's investors? | Project Canary's investors include Quantum Energy Partners, Energy Impact Partners, Carica Sustainable Investments, CPP Investments, Citi Impact Fund, Frontier Venture Capital, Techstars, Insight Partners, Brookfield Growth and Global Reserve Group. |
| Which companies are comparable to Project Canary? | Companies comparable to Project Canary include BOE, Samsara, Lite-On Technology, Sharetronic, UNISOC and Verkada. |
| How many companies has Project Canary acquired? | Project Canary has acquired 3 companies, including Aeris Technologies, Troposphere and Independent Energy Standards. |
See companies similar to Project Canary
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




