Iconic AIR

About Iconic AIR

Iconic AIR provides a specialized software-as-a-service (SaaS) platform focused on environmental performance for energy-intensive industries such as oil and gas, utilities, manufacturing, and metals. The company was founded in 2020 by West Virginia University classmates Kyle Gillis, who serves as CEO, and James Carnes. Their background, hailing from a region where energy is a critical part of the economy, provided them with firsthand insight into the complex issues of the industry. Carnes also has experience as a former Deloitte executive and NASA research fellow.

The company's core offering is CarbonONE™, a unified platform for enterprise carbon data management and reporting. This platform, initially launched as Emissions Intelligence™, helps operators automate the calculation, visualization, and reporting of emissions data with greater frequency than traditional annual methods. It replaces manual spreadsheet tracking, which is inefficient and not scalable for the growing demands of regulatory and investor pressures. The business model is based on a recurring revenue structure, initially monthly and transitioning to annual contracts for major clients, providing them with tools for auditing, forecasting, and scenario planning to manage their carbon footprint.

The platform addresses a critical market need driven by increasing regulatory requirements, like the Inflation Reduction Act, and investor demand for transparent environmental, social, and governance (ESG) key performance indicators. Key features of the CarbonONE™ platform include a leak detection and repair (LDAR) module, which allows users to monitor the status of surveys, leaks, and repairs from a dashboard. It supports mobile data logging for various survey types, including Audio, Visual, and Olfactory (AVO) inspections, and integrates with Geographic Information Systems (GIS) to map leak locations. The system is designed to handle multiple compliance programs, compute greenhouse gas emissions for reporting, and sync with a full web platform for comprehensive analysis and compliance with regulations like EPA's Subpart W and OOOOa. A significant milestone was a partnership with Diversified Energy to automate their carbon disclosure processes. In October 2022, Iconic AIR secured $5 million in a seed funding round led by XYZ Venture Capital, which was aimed at expanding its engineering and sales teams.