Why We Invested

Alcove: Building the Infrastructure Behind Global Carbon Markets

October 12, 2026

The Artemis Fund believes technology can create prosperity for all. With offices in New York, Texas, Massachusetts, and Nevada, Artemis leads seed rounds for companies creating resilient families, individuals, and businesses across the US.
Under the Paris Agreement, countries can trade emissions reductions like a commodity: one country cuts more pollution than required, it can then sell the credit for that extra cut to another country trying to hit its own target. This financially driven market has the potential to revolutionize and accelerate investment in much needed renewable energy and preserve our environment for future generations. However, without trusted verification, tracking, and reporting, the industry is significantly stifled.
Most of the 60+ countries that have made these kinds of climate pledges do not yet have the infrastructure in place to follow through on them. Countries typically need to hire outside consultants and use  spreadsheets to transact. The current infrastructure is non-existent or slow at best, decreasing investment and slowing down environmental projects.
The environmental credit market spans compliance carbon, voluntary carbon, and Renewable Energy Certificate (REC) markets, worth $135B+ today, and headed toward $375B+ by 2030.
Artemis is pleased to announce our investment in Alcove, a company building the operating system for environmental credits. Alcove gives governments, registries, and standards bodies a single verified system to track and issue environmental assets, replacing the fragmented, harder-to-audit processes those markets run on today.

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Co-Founder and CEO Mariana "Mars" Garza is a Harvard graduate and was an Entrepreneur-in-Residence at XYZ Venture Capital. Co-founder and CTO Marley Rafson brings a Brown University computer science background with engineering experience at Google and Sidewalk Labs spinout Replica, and spent time as a Tech and Climate Policy Fellow in the Office of the Speaker of the House.
The Opportunity
Environmental credit markets still run on manual, spreadsheet-based tracking across 85+ registries worldwide, none of which share a common data format.
Article 6 of the Paris Agreement requires every participating country (60+) to stand up registry infrastructure for tracking, verification, and issuance; most lack that infrastructure today.
CORSIA, aviation's global emissions offset program, becomes mandatory for all ICAO member states (193+) in 2027 and draws on credits from the same Article 6 mechanisms Alcove serves, extending the buyer base from national governments to the airline industry.
The Solution
Alcove delivers API-accessible, white-labeled infrastructure that covers the full lifecycle of an environmental credit. The platform takes a project from raw data collection through verification and compliance to a certified, tradeable credit. Instead of every registry or government program building this pipeline from scratch, or project developers piecing it together by hand across spreadsheets and manual reviews, Alcove supplies the whole workflow.  The software can plug into reusable, configurable components rather than a custom build for every new market.
The Impact
When buyers trust the data behind a credit, more capital reaches the reforestation, direct air capture, and renewable energy projects credits are meant to fund. Alcove is positioned to become the standard infrastructure layer underneath that growth, and we’re proud to back their mission.
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