Carbon modeling startup Planet Metrics on Tuesday announced its launch, along with $2.3 million in first round funding from Draper Fisher Jurvetson and  angel investors.

The funding will go toward development, sales, and marketing.

“We have amassed the largest data warehouse of carbon data,” said Planet Metrics co-founder and CEO Andrew Leventhal, who hopes that this knowledge base will draw in customers interested in social responsibility and cutting costs.

As potential fines for failing to offset carbon emissions increase, companies need to track their carbon footprints through technologies of companies such as Planet Metrics or rivals Clear Standards and Carbon Networks, which raised $5 million in first round funding in July.

To help corporations reduce carbon emissions and save money, Planet Metrics offers software that creates a representation that pinpoints where the carbon is coming from and how changes in different practices affect emissions.

Mr. Leventhal made it clear, though, that the company does not set limits or boundaries by labeling emissions as “excessive” or “just right.” Rather, he explains that Planet Metrics uses a services team to help companies understand and interpret the data–what companies do with the information is up to them.

“Right now, there needs to be some handholding in the process,” said Mr. Leventhal. “We will, hopefully, move towards more automated procedures down the line.” 

While Planet Metrics faces competition from other companies that provide carbon footprinting software, the company faces the most competition from individual companies. The vast majority of companies utilize “do-it-yourself” methods, such as compiling power bills and cutting carbon emissions all around. Mr. Leventhal still remains optimistic that his company’s software, with its carbon emission pinpointing, will attract customers.