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

Project Canary Overview

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

United StatesDenver, CO

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

Project Canary funding rounds
DateStageInvestorsRaisedDeal Summary
Feb 2022Series BInsight Partners (lead); Quantum Energy Partners; Carica Sustainable Investments; CPP Investments; Citi Impact Fund; Frontier Venture Capital; Energy Impact Partners; Brookfield Growth$111MProject 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 2021Series AQuantum Energy Partners (lead); Energy Impact Partners; Global Reserve Group$10MProject 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 2020Pre-seedTechstars (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

Investors in Project Canary by funding rounds participated
InvestorHQRoundsRoleFirst check
Quantum Energy PartnersUnited StatesHouston, TX2LeadApr 2021
Energy Impact PartnersUnited StatesNew York City, NY2ParticipantApr 2021
Carica Sustainable InvestmentsUnited StatesNew York City, NY1ParticipantFeb 2022
CPP InvestmentsCanadaToronto1ParticipantFeb 2022
Citi Impact FundUnited StatesUnited States1ParticipantFeb 2022
Frontier Venture CapitalUnited StatesBoulder, CO1ParticipantFeb 2022
TechstarsUnited StatesBoulder, CO1LeadSep 2020
Insight PartnersUnited StatesNew York City, NY1LeadFeb 2022

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Acquisitions 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

Aeris Technologies
Troposphere
Independent Energy Standards
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 CountryUnited StatesUnited StatesUnited States
HQ City
San Francisco, CA
Baltimore, MD
Dallas, TX
Deal Date24 Mar 20229 Dec 20205 Aug 2020
Valuationundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Project Canary Competitors

Project Canary competitors include listed companies like BOE, Samsara, Lite-On Technology and Sharetronic, and private ones like UNISOC and Verkada.

Public and private companies comparable to Project Canary
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
BOEChinaChinaPublicly listed$31B$7B$32B1.6x
SamsaraUnited StatesUnited StatesPublicly listed$1.6B($29M)$23B12.0x
Lite-On TechnologyTaiwanTaiwanPublicly listed$5.2B$700M$20B2.9x
SharetronicChinaChinaPublicly listed$1.8B$325M$19B-
UNISOCChinaShanghaiPrivate--$9.1B-
VerkadaUnited StatesSan Francisco, CAPrivate--$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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Johnson Controls$24B$3B4.0x3.7x31.0x20.0x
BOE$31B$7B1.7x1.6x7.5x7.3x
Samsara$1.6B($29M)14.0x12.0x(794.5x)55.7x
Lite-On Technology$5.2B$700M3.6x2.9x26.5x19.7x
Sharetronic$1.8B$325M12.2x-68.8x-
Advantech$2.2B$428M8.2x6.1x42.5x30.4x
PTC$2.7B$1.1B5.8x5.8x14.0x11.8x
Huaqin Co$26B$900M0.6x0.5x16.5x14.4x

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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.

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