HowGood aims to boost enterprises’ sustainability intelligence


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New York-based HowGood, an organization that gives a software-as-a-service (SaaS) platform to empower enterprises with sustainability intelligence, at this time introduced it has raised $12.5 million in a recent spherical of funding.

As local weather change continues to wreak havoc around the globe, organizations are pushing initiatives to make their merchandise and enterprise operations extra sustainable. The aim is to measure environmental and social influence (from carbon emissions and biodiversity to human impacts of provide programs), however getting the information related to these points mandates the time-intensive process of sorting by means of particular person research and analysis. Plus, there’s no standardized methodology to get the insights. 

HowGood’s sustainability intelligence

HowGood was began in 2007 to gather all this knowledge in a single place and provides the completely different gamers within the meals trade a easy option to perceive their present influence, in addition to see the place they’ll enhance their operations to change into extra sustainable. The corporate initially rated merchandise in grocery shops, however then expanded to enterprise models and went on to launch Latis, a devoted sustainability intelligence answer. 

Backed by what HowGood claims is the world’s largest database on ingredient and product sustainability, Latis conducts immediate evaluation for over 33,000 substances, chemical compounds and supplies and gives detailed insights into product R&D processes.

“With a easy, user-friendly SaaS platform, meals manufacturers and retailers can view the influence of any ingredient, supply location, or sustainability normal,” Alexander Gillett, the CEO and cofounder of HowGood, advised Venturebeat.

“Insights on metrics overlaying environmental influence, labor threat and animal welfare (amongst others) can be found instantly all through the method of formulating a product. Staff leaders may zoom out from micro-level ingredient influence knowledge evaluation to view the total influence of their portfolio throughout metrics like annual carbon footprint, water utilization, or inherent labor dangers, monitoring their progress to objectives and benchmarking their model towards trade requirements and key rivals,” he added

Total, the answer attracts from over 550 unbiased knowledge sources and certifications to supply UPC-level influence knowledge on over two million merchandise — all on the particular person ingredient evaluation stage. This could then be utilized by manufacturers to find out how and the place to make modifications all through the meals product lifecycle to enhance holistic sustainability. It additionally helps them meet the rising client demand for transparency and eco-friend manufacturing.

Progress

Notably within the wake of SEC’s new local weather disclosure proposal, HowGood has seen vital demand for its answer. The corporate’s annual income doubled up to now 12 months, with main meals and beverage retailers, suppliers and eating places approaching board. It additionally counts 5 of the ten largest CPGs, together with Danone North America, amongst its clients.

Nonetheless, HowGood will not be the one participant on this area. SourceMap, SustainLife, SupplyShift and Ecovadis additionally drive product and operational sustainability for companies, however based on HowGood, their knowledge will not be as complete.

“We’re the singular, complete answer in the marketplace offering meals manufacturers and retailers with actionable insights into product influence…, utilizing knowledge that isn’t out there in every other platform. We additionally proceed to broaden the metrics out there in Latis by means of strategic analysis and implementation, most just lately with One Planet Enterprise for Biodiversity’s (OP2B) regenerative agriculture metrics and the EU’s Eco-Rating and Nutri-Rating scoring programs,” Gillett emphasised.

Plan forward

With this spherical of funding, led by Titan Grove, HowGood plans to develop its inner groups, enhance the sustainability intelligence product, broaden trade partnerships within the U.S and Europe and enterprise past the meals vertical.

“This funding spherical will allow HowGood to construct our capability to onboard and assist extra shoppers as we triple our workforce this 12 months, in addition to proceed so as to add really distinctive and complete datasets to the Latis platform to allow firms to make impactful modifications all through their worth system,” Gillett mentioned. “The brand new options added to Latis embrace enhanced capabilities for scope 3 greenhouse gasoline reporting, in addition to a major growth of supplier-specific knowledge and on-pack sustainability claims.”

In keeping with a current IBM survey, knowledge and AI have an enormous function to play in serving to enterprises obtain their sustainability objectives. Notably, as many as 66% of firms mentioned they’re both presently executing or planning to use AI to deal with their sustainability objectives. They’re AI to assist them make their operations extra environment friendly (37%), present verifiable knowledge on environmental efficiency (33%) and automate their knowledge assortment and reporting (29%) efforts. 



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