Just today on 8th July, Volvo Cars Tech Fund revealed their investment in blockchain traceability startup, referred Circulor.
Volvo earlier used Circulor’s traceability solution to trace cobalt in its batteries. Much of cobalt mining happens in Africa under questionable conditions and involves child labor. within the era where more consumers are getting concerned with how the products they purchase are produced, the ability to verify the whole supply chain might offer a competitive advantage or maybe serve as a necessity.
Volvo might also be getting used to Circulor’s solution to trace carbon emissions. Consistent with the chief procurement officer at Volvo, Martina Buchhauser, the collaboration will contribute to greater sustainability:
“We are committed to an ethical supply chain for our raw materials and our partnership with Circulor has been instrumental therein regard. By supporting Circulor’s ongoing development we will expand the utilization of blockchain technology in our operations and contribute to a more sustainable business.”
Volvo was joined by 3 more other investors within this round: namely, SYSTEMIQ, Total Carbon Neutrality Ventures and Plug & Play.