Datamaran, the only ESG risk management software platform, today announced the completion of a £11.7 million Series B funding round led by Fortive (NYSE: FTV) with participation from American Electric Power (NASDAQ: AEP), both long-standing partners and clients.
Datamaran is the only automated solution available to help leaders take ownership of their ESG strategy. The Datamaran platform enables evidence-based insights and a near real-time assessment of material ESG risks that can be tailored to a client's sector, geography, or stakeholder context. This insight allows leaders to create an informed and fully integrated ESG and business strategy that can be understood by all stakeholders.
This new round of funding will enable additional product innovation and help ensure Datamaran remains at the cutting edge of the shift towards ESG as a strategic business tool. The investment will also support the expansion of its U.S. team and position Datamaran to scale effectively to meet the needs of the expanding ESG insights market.
"After years of expansion, organic growth and achieving profitability, we see even more potential for the strategic insight we provide. This investment provides us with the capital necessary to match the growth opportunities that are increasing at an ever-faster pace as customers, employees and regulators double down on their ESG expectations," said Marjella Lecourt-Alma, CEO and Co-founder of Datamaran.
"Coming from strategic partners and clients, this funding is a ringing endorsement of Datamaran's benefits and our ambition. It demonstrates not only that they realize this technology is integral to their future success, but also their eagerness to share this valuable tool with a wider range of organizations. With this backing, Datamaran will accelerate the process of taking ESG to the C-suite and meet growing demand."
Over the last year Datamaran has seen a surge in interest from the C-suite audience, which now makes up over 40% of revenue and continues to scale rapidly. Datamaran is the only automated solution available to help leaders take ownership of their ESG strategy. Using patented technology, Datamaran identifies and monitors over 400 external risk factors - including environmental, social and corporate governance (ESG), innovation and technology, and geopolitical issues - on an ongoing basis by scanning the regulatory, media and corporate disclosure environments.
"Datamaran's unique technology ensures businesses have the actionable and quantifiable data they need to prepare for the rapidly changing expectations of society from corporations," said Justin McElhattan, VP & Group President of Fortive's Environmental, Health & Safety Group. "Datamaran brings transformative results to businesses around the world - including Fortive - to accelerate progress for a more sustainable future."
"The ability to gain deeper insights into ESG and how it affects our business is increasingly important. The ESG landscape is constantly evolving; having access to data-driven information about how and when those changes are occurring allows us to identify emerging issues and trends that could impact AEP. Datamaran's platform supports monitoring of material ESG issues at any time," said Sandy Nessing, AEP's chief sustainability officer.
In addition to Fortive and AEP, other companies currently using Datamaran include PepsiCo, Walgreens and Dell, while partnerships with EY, DLA Piper, Deloitte and Intelex (a Fortive company) allows a wider range of organizations access to the valuable data insight for strategic ESG decision-making.
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