Bain's Flo Brings ESG Data Transparency
Bain & Company has recently introduced ESG Flo, a new venture which offers an AI-powered data management solution specifically designed for managing environmental, social, and governance (ESG) programmes.
Patrick Obeid, a former director at Bain, is at the helm of ESG Flo, the inaugural venture to be launched from "Founder's Studio," the SaaS (Software as a Service) arm of Bain's technology incubator Engine 2. Obeid discovered the necessity for a tool like ESG Flo when he was working on several environmental projects for clients.
According to Obeid, "Our objective is straightforward: to equip companies with the essential data infrastructure that can enable them to meet their ESG goals and make better decisions related to cost, risk, and compliance. With our pipeline solution, which enhances data intake through a verifiable platform, we automate and simplify environmental data procedures. This means that business leaders can now concentrate on the most important aspect, reducing carbon emissions in Scope 1, 2, and 3."
Having been backed by Bain, ESG Flo has secured pre-seed and seed funding, as well as guidance, assistance, and access to sales channels with Bain's past and present clients. Currently based in Boston, the startup has a team of 11 members.
ESG Flo is an automated data pipelining solution that captures data from source documents and implements relevant emissions factors and data checks before storing the consolidated data in a central repository. This solution allows for the precise monitoring of sustainability projects, easy exchange of information, and releases resources that would otherwise be used for data consolidation, which is time-consuming.
Ron Kermisch, Partner at Bain and head of Founder's Studio emphasised the significance of their people by stating, "We believe in our team's capabilities and potential. Our founders and their teams are handpicked from the top 1% of business professionals around the world. By giving them access to Bain's global client and alumni network, we provide them with the necessary support to succeed and innovate. ESG Flo is an exciting example of this approach in action."
Bain is one of the world's biggest global strategy consulting firms, employing over 15,000 individuals in 40 countries. In Vault's 2023 worldwide rankings of consulting firms, Bain was named the top consultancy.
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Source: Consulting.us
