Hamburg-based atmio, a company building the operating system for the oil and gas sector, announced on Thursday that it has secured €5.1M in a seed funding round led by Notion Capital, with participation from SquareOne.
Other investors who participated in the round include HCVC and Robin Capital; as well as angel investment from Bernhard Mohr, former VP of Gas Detection at Dräger, and David Rowan’s VOYAGERS Climate-Tech Fund.
The German company will use the funding to go to market, develop its product, hire new engineers, and build out a new marketing and customer success team.
Matthias Schmittmann, CEO and Co-Founder of atmio says, “It’s of crucial importance that we target methane leaks specifically if we are to reduce harmful emissions. Our platform helps natural gas operators to comply with new EU regulations and make a big impact on reducing harmful emissions. For example, we detected that in one customer’s single leak, our solution averted the release of methane equivalent to 160 return flights from Germany to the Maldives. This seed round will enable us to go to market in Germany and replicate this kind of success in companies across Europe.”
The need for new solution
Methane is a potent greenhouse gas and the main component of natural gas used for electricity and heating.
Leaks result from maintenance issues or broken equipment and account for one-third of global warming, ranking as the second highest contributor to climate change after CO2.
According to the European Commission: 60 per cent of global methane emissions result from human activity, and a third of this comes from the energy sector.
In May 2024, the EU introduced its first-ever regulation on methane emissions reduction in the energy sector.
Natural gas operators in Europe must now comply with stricter regulations on measuring, reporting, and verifying methane emissions, including mandatory leak detection and repair (LDAR).
However, the solutions currently on the market may no longer be sufficient.
Here’s where atmio steps in!
atmio: Operating System for oil and gas sectors
Founded in 2023 by Matthias Schmittmann (CEO) and Marius Krüger (COO), atmio is building the operating system (OS) for the oil and gas sector to find, fix, and report methane emissions.
The company’s all-in-one solution combines handheld and stationary monitors, a mobile app, and a fully interconnected integrated management platform for automated reporting. It offers end-to-end detection, repair, and logging of all methane leaks.
The solution digitises a previously manual system to save time, integrate data into day-to-day processes, and manage overall repair-related shutdown time efficiently.
The software enables operators to manage campaigns, check and manage repairs, and at the click of a button, report all works undertaken, as well as their impact on overall emissions. It can also complete yearly emission reporting, a large part of the compliance with the new regulation.
The company is on a mission to tackle climate change and aims to cement its position in measuring and managing greenhouse gas emissions.
Marius Krüger, COO and Co-Founder of atmio, says, “We envision becoming the world’s leading company to measure and manage greenhouse gas emissions, starting to help natural gas companies abate an additional 1 Billion tonnes of CO2 emissions. Not only does this reduce harmful emissions, but by reducing leaks, we estimate that $60B worth of emitted methane could be captured and brought to markets, yearly. We aspire to build a platform which can integrate other technologies such as satellite and drone data, to become the one source of truth for industry-related emissions.”
The investor
Notion Capital is a European B2B SaaS and Cloud VC with more than $1B assets under management and with more than 100 investments to date.
The Notion portfolio includes GoCardless, Mews, Paddle, Unbabel and YuLife. Notion is also the founder of Included VC, the venture capital fellowship for individuals from diverse and overlooked communities from around the world.
Kamil Mieczakowski, Partner at Notion, says, “We are proud to invest in atmio, whose platform is going at the perfect time to support Europe’s numerous natural gas companies comply with new regulations designed to reduce methane emissions. The team has the necessary expertise to succeed in this industry and we look forward to helping them grow.”
