forward earth, an AI-powered environmental software company, has raised €3.2 million to simplify the process for hundreds of thousands of companies worldwide to meet stringent environmental requirements and drive sustainability in global supply chains.
The funding will help the company to enhance its AI-powered technology and expand across North America, Europe, and Asia. The round was led by Speedinvest, along with Revent, Lucid Capital, the EU, and serial entrepreneurs Anna Alex and Benedikt Franke.
In addition to the €2 million pre-seed funding from private investors, forward earth has also raised €1.2 million in funding from the European Union (EFRE) in recognition of the importance of the company’s technology in addressing environmental challenges within global supply chains and thus helping businesses to meet newest EU standards.
“Decarbonization has become a crucial regulatory requirement for businesses globally, yet the vast majority of companies still do not have clear visibility into their environmental impact, especially deeper down the supply chain,” said Dr. Micha Schildmann, founder and CEO of forward earth. “We have built a product that empowers businesses worldwide to become sustainable and compliant with little effort and cost. By embedding our AI-automated environmental management software into our partners’ software, we will support hundreds of thousands of businesses with a critical part of their reporting lifecycle as they embark on their decarbonization journey in the years to come.”
Hundreds of thousands of companies must now report their environmental data to business partners and regulators due to increased commercial pressure and stricter regulations, especially in the EU, UK, and the US. As a result, the market is expected to grow from $15bn to $60 – $100bn by 2032, and the vast majority will be captured via supply chain emission tracking. That is why environmental data is becoming a crucial element of compliance and supply chain management, and a holistic view across all aspects is critical for companies.
forward earth’s AI-powered environmental management tool integrates into existing software providers to help businesses generate all necessary environmental data inside of their existing business software for compliance, risk, or supply chain management.
The resulting reports cover all relevant regulatory requirements for customers, including the EU’s newly established Corporate Sustainability Reporting Directive (CSRD), Corporate Sustainability Due Diligence Directive (CSDDD), and Cross Border Adjustment Mechanism (CBAM), as well as upcoming US regulation recently approved by the U.S. Securities and Exchange Commission (SEC).
“Micha and the rest of the team bring an absolutely unique wealth of experience from our former portfolio company, Planetly, to tackle a still unsolved problem. forward earth’s product will unlock detailed carbon and environmental data for anyone offering ESG, GRC, or supply chain intelligence globally,” says Speedinvest Partner, Fred Hagenauer.
forward earth already boasts several key partnerships, including software providers across compliance, supply chain management, and ESG (Environmental, Social and Governance) in the EU, the US, and Asia.
Read the orginal article: https://www.eu-startups.com/2024/06/berlin-based-forward-earth-raises-e3-2-million-to-dramatically-simplify-environmental-data-reporting/
