EcoRatings, a revolutionary cleantech startup, has successfully secured $1 million (INR 8.3 crore) in a pre-seed funding round. The investment is a result of collaboration from various investors, including We Founder Circle, 888 VC, Vinners, Indigram Labs Foundation, and Google, combining both equity and grants.
Aditi Balbir, the Co-founder and CEO of EcoRatings, revealed the company’s strategy for the new funding. “The funds will be allocated towards acquiring premium data sources, expanding token availability, and implementing multi-modal capabilities.”
Established in 2023 by Balbir, along with Aqeel Ahmed and Shruti Anand, EcoRatings employs AI/ML and Big Data technologies to evaluate the environmental impact of products and services. The startup’s methodology is deeply rooted in the United Nations’ 17 Sustainable Development Goals and ESG norms, aligning with the escalating consumer demand for transparent sustainability practices.
Balbir emphasized the distinctive features of their platform, stating, “Our Gen AI platform serves as a comprehensive solution for organizations striving to meet their sustainability goals. With this new investment, we aim to further enhance our large language model tailored specifically to the sustainability domain.”
EcoRatings’ platform meticulously analyzes vast datasets to provide precise, real-time insights by scrutinizing contextually relevant data from both internal and external sources. Their Unified Knowledge Platform, featuring a large language model with a RAG (retrieval-augmented generation) architecture, is finely tuned to assist organizations in achieving their sustainability objectives. The platform caters to a diverse clientele, including consultants, investment banks, large corporations, and aggregators, thereby facilitating sustainable decision-making processes.
With a strong client base exceeding 50 paying clients, EcoRatings distinguishes itself through its unique proposition as a domain-specific large language model, akin to ChatGPT but finely honed for the sustainability sector.
Cleantech startups in India are at the forefront of innovation, driving the development of sustainable solutions while complementing the nation’s growth trajectory. These startups play a pivotal role in advancing clean energy technologies, addressing organic waste management, and providing solutions for air and water purification, thereby significantly contributing to India’s clean energy goals.
In this landscape, machine learning and predictive analytics emerge as indispensable tools, aiding in identifying emission hotspots, forecasting carbon footprints, and optimizing operations for maximum sustainability.
Earlier this year, Accacia, a cleantech startup focused on real estate, secured a commendable $6.5 million in a Pre-Series A funding round led by Illuminate Financial. In March, Sprih, an AI-powered cleantech platform, 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, raised INR 110 crore in a Pre-Series B funding round.
In a bid to foster recognition and fortify the cleantech startup ecosystem in India, Startup Mahakumbh 2024 served as a platform to showcase an array of climate tech innovations poised to address the country’s pressing climate challenges.