AirCarbon Exchange (ACX) said it raised US$15 million in convertible notes led by Singapore-based decarbonization investor TRIREC. The startup provides exchanges for voluntary carbon credits and a variety of blockchain-based tokenized carbon assets.

Other backers of this pre-Series B round include Thailand’s Banpu Public Company and Mubadala Investment Company PJSC following an earlier Mubadala funding in November. This brings the total funds raised to $25 million, including an investment from the Deutsche Börse in March as part of a strategic partnership with Deutsche Börse owned European Energy Exchange (EEX).