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EcoRatings provides $1 million in pre-funding to develop sustainability solutions

Funding Alert

EcoRatings, a pioneering cleantech startup, has successfully raised $1 million (INR 8.3 million) in a pre-funding round. The investment comes from a diverse group of investors, including We Founder Circle, 888 VC, Vinners, Indigram Labs Foundation and Google, combining equity and grants.

EcoRatings co-founder and CEO Aditi Balbir shared the company’s plans for the new funding. «The funding will be used to acquire paid data sources, increase the number of tokens and introduce multimodal features.»

Founded in 2023 by Balbir, Aqeel Ahmed and Shruti Anand, EcoRatings uses AI/ML and Big Data technologies to quantify the environmental impact of products and services. The startup’s methodology is based on the 17 UN Sustainable Development Goals and ESG standards, which are in line with the growing consumer demand for product sustainability transparency.

Highlighting the unique capabilities of his platform, Balbir stated, “Our Gen AI platform is a solution for organizations striving to meet their sustainability goals. With the new investment, we look forward to further work on our large sustainability-specific language model.”

The EcoRatings platform processes large data sets to provide accurate, real-time information by analyzing contextually relevant data from internal and external sources. Their Unified Knowledge Platform, featuring a large language model with a retrieval-augmented generation (RAG) architecture, is tailored to help organizations achieve their sustainability goals. The platform serves a variety of clients, including consultants, investment banks, large corporations and aggregators, facilitating sustainable decision-making.

The startup, which claims to have more than 50 paying clients, highlights its unique selling proposition as a domain-specific large language model designed specifically for sustainability, similar to ChatGPT but focused on the sustainability sector.

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Clean tech startups in India are at the forefront of innovation and developing sustainable solutions without compromising national growth. These startups are making significant advances in clean energy technologies, organic waste management, and air and water purification solutions, contributing to India’s clean energy goals. Machine learning and predictive analytics are becoming essential in this sector, helping to identify emission hotspots, predict carbon footprint and optimize operations for sustainability.

Earlier this year, real estate cleantech startup Accacia raised $6.5 million in a Pre-Series A funding round led by Illuminate Financial. In March, AI-powered cleantech platform Sprih secured $3 million in seed funding led by Leo Capital. Additionally, Recykal, a cleantech startup offering cloud-based solutions for transparent and traceable material flows in waste management, has raised INR 110 million in a Pre-Series B funding round.

The Startup Mahakumbh 2024 showcased various climate technology innovations with the potential to address the country’s climate challenges to encourage and recognize the efforts of cleantech startups in India.

This news was first reported by Inc42.

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