Climate technology company Context Labs is looking to raise $150m in funding to help companies track their carbon footprint, reported Reuters, citing sources.

The Netherlands and US-based company has roped in Barclays for the potential fundraising, which could value it over $1bn, one of the sources said.

Large data and energy companies, as well as private equity investors, have expressed interest in Context Labs, the source said, adding that the transaction could close over the coming months.

The sources also cautioned that the talks are still ongoing and there is no certainty that a deal will materialise.

Context Labs helps businesses in the natural gas, chemical, and other industries estimate their carbon emission footprints using machine learning technologies.

Instead of depending on estimations from the industry, it achieves this by collecting and examining data on manufacturing processes directly from the source.

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Last year, the company’s average recurring revenue was $25m and it is expected to surpass the $100m mark this year.

Founded in 2013, the company could also break even by the end of 2023.

Context Labs will use the new funds to hire new staff, expand in new industries and make acquisitions if there is an opportunity, the sources said.

In February 2022, the company raised $28m in funding from BP Energy Partners (BPEP), Equinor Ventures, KPMG, Shamrock Ventures, Neglected Climate Opportunities, and i(x) investments.

Most recently, the company collaborated with natural gas production company EQT to offer natural gas products with confirmed low carbon intensity and carbon credits.