Boston Consulting Group (BCG), a global management consulting firm, announced on Thursday that CO2 AI, the end-to-end sustainability management software solution created by BCG in 2020, will now be a fully autonomous company.
Headquartered in Paris, France, CO2 AI will also house operations in other European locations, such as Germany, the Netherlands, Spain, and the US.
Raised €11M funding
Additionally, CO2 AI has closed a fundraising round of $12M (approximately €11M) with the support of Unusual Ventures and Partech, two venture capital firms based in the US and Europe, respectively, as well as BCG.
The funding will enable CO2 AI to grow its operations further in Europe and North America. BCG will remain a shareholder and strategic partner, with Rich Lesser, BCG’s global chair, sitting on CO2 AI’s board.
Charlotte Degot, who led BCG’s efforts to develop CO2 AI, will remain at the helm as CEO.
“Our latest carbon emissions survey showed only 10 per cent of organisations fully measure their CO2 emissions, and only 1 per cent achieve reductions,” says Degot.
“That percentage will rise dramatically over the next few years as more companies need to take more drastic actions to manage their emissions. Companies get stuck at the reporting stage of their net zero journeys due to a lack of reliable data, robust action plans, and tools to empower their organisations to decarbonise at scale. They are committing to targets they will really struggle to achieve,” adds Degot.
Partnership with Carbon Disclosure Project
CO2 AI has partnered with the Carbon Disclosure Project (CDP) to create a “Product Ecosystem.” This platform allows organisations to work with suppliers to collect and analyse product-level emissions data.
By doing so, they can effectively manage and reduce their Scope 3 emissions on a larger scale.
CO2 AI has a proven track record of managing over 300 million tons of CO2 and is rapidly growing with a clear goal of becoming the leader in sustainability management software.
Its solutions have been successfully implemented in various industries worldwide, including consumer packaged goods, manufacturing, retail, and oil and gas.
CO2 AI: Sustainability management software
CO2 AI is a end-to-end sustainability management software solution helping large and complex organisations measure their impact, identify credible levers, and reduce at scale, leveraging the power of AI.
Organisations need reliable data and digitalisation to understand their impact and make the right decisions to comply with the latest regulations and meet net-zero targets.
CO2 AI offers a clear and transparent solution for managing emissions data on a large scale. A flexible and customisable data ingestion process enables accurate visualisation of a company’s carbon footprint.
The platform also simulates different methods for reducing emissions and helps complex organisations build a detailed and actionable plan to transition to net zero.
Doing so enables companies to fully commit their organisation and ecosystem to the emissions reduction journey.
CO2 AI and BCG recently worked with American Tire Distributors (ATD), one of the largest tire distributors in North America, with a supply chain managing 15,000 active products in 600,000 stocking locations.
Within weeks, CO2 AI deployed a dynamic emissions platform tool connected to ATD’s IT systems, quantifying tens of millions of rows of data monthly, and allowing them to accurately measure the carbon footprint of their operations to not only meet their reporting requirements but also provide reporting to partners.
“With CO2 AI, we incubated an idea about how to address one of the world’s most pressing issues—reducing carbon emissions,” says Sylvain Duranton, global leader for BCG X, the tech build and design unit of BCG.
“That innovative idea has grown, and the logical next step to help achieve our goals, and for CO2 AI to fully achieve its potential, was for it to become a thriving and independent company. This highlights our ambition at BCG X to encourage our teams to disrupt, act as entrepreneurs, and invent new business approaches that solve today’s biggest challenges,” adds Duranton.
Read the orginal article: https://siliconcanals.com/news/startups/bcgs-co2-ai-becomes-independent/
