Boston-based Propeller Ventures led the investment, with participation from the non-profit New Brunswick Innovation Foundation, the Invest Nova Scotia economic development agency and Belgium-based Carmeuse Ventures. (The Logic)

Talking point: pHathom is developing technology to capture carbon from coastal bioenergy and other industrial facilities to help reduce fossil fuel emissions. The company, which was founded in 2024 and has secured $12 million in committed capital since, plans to use the new money to validate its technology. It’s already getting traction with large tech companies eager to lower their carbon footprints. In July, pHathom signed a deal with Frontier—a group of tech giants, including Shopify, that pre-buys carbon-removal credits—to sell 510 tonnes of future removals, securing early revenue for pHathom as it scales.