Bain & Company has launched ESG Flo, a new venture that provides an AI-enabled data management solution for environmental, social, and governance (ESG) programs.
ESG Flo – led by former Bain director Patrick Obeid – is the first venture to launch from “Founder’s Studio,” the SaaS division of Bain’s tech incubator Engine 2. Obeid says he realized the need for a tool like ESG Flo while completing a series of client environmental projects.
“Our vision is clear: to provide companies with the necessary data backbone to achieve their ESG targets and make more effective cost, risk, and compliance decisions,” Obeid said. “By optimizing data ingestion in an auditable platform, our pipelining solution automates and streamlines environmental data processes. Now business leaders can focus on what really matters, cutting carbon Scope 1, 2 and 3 emissions.”
As a Bain-backed venture, ESG Flo has received pre-seed and seed funding, expertise and support, and sales channels with past and current Bain clients. The Boston-based startup currently has a team of 11 people.
ESG Flo is a data pipelining solution that automatically extracts data from source documents and applies appropriate emissions factors and data checks, and then stores consolidated data in a central repository. The solution enables precise tracking of sustainability initiatives and easy sharing of insights, and frees up resources that might otherwise be spent on time-intensive data aggregation.
“We believe in the power of our people,” said Ron Kermisch, head of Founder’s Studio and partner at Bain. “Our founders and their teams are selected from the top 1% of business talent in the world. We provide them with the support necessary to succeed by giving them access to Bain’s global client and alumni network paving the way for innovation. ESG Flo is an exciting inaugural example of this strategy in action.”
Bain is one of the largest global strategy consulting firms, with over 15,000 employees across 40 countries. Bain was named the top consultancy in Vault’s 2023 global rankings of consulting firms.
Sourced from Consulting.us