The Upright Project, a Helsinki, Finland-based company building an AI-enabled quantification model to measure the net impact of companies and funds, announced that it raised €5 million in Seed funding to scale its impact data engine and make net impact data openly accessible for all.
The round was led by German-based green-tech VC firm Planet A Ventures, with participation from First Fellow Partners, a fund founded by renowned investor Risto Siilasmaa, former chair of Nokia and founder of F-Secure and WithSecure.
Upright’s founder and CEO, Annu Nieminen, says, “The global ESG and impact discourse is in dire need of common sense and an understanding of what is bit and what is not. Currently, the largest impacts of a company’s core business are buried under masses of details on ways of working and reporting. We need a transparent impact data platform with comparable data that is accessible for all.”
The company’s business strategy is built on providing decision-makers with a comprehensive end-to-end approach by selling subscriptions for more in-depth outcomes by tracking progress, establishing goals, and sharing results.
Its model has been used to quantify the net impact of more than 23,000 companies, and their customers include more than 180 organizations. Some of them include investors such as the financial services corporation Nasdaq, leading PE/VC investors such as Permira and EQT, and large asset managers such as Invesco and Nordea.
Company: Upright Oy
Round: Seed Round
Funding Month: December 2022
Lead Investors: Planet A Ventures
Additional Investors: First Fellow Partners and Risto Siilasmaa
Company Website: https://www.uprightproject.com/
Software Category: Impact Data Platform
About the Company: Founded in 2017 by Annu Nieminen and Juho Ojala, The Upright Project is a technology company based in Helsinki that is building a new type of quantification model for the net impact of companies. Its AI-based impact data engine contextualizes the disclosures and sustainability targets of companies with estimates of the EU taxonomy alignment, UN Sustainable Development Goals, and Upright’s proprietary net impact quantifications. The Upright Project measures the positive and negative impacts of a company on the environment, health, society, and knowledge in order to provide new analytical rigor and comparability to impact evaluations of businesses. Upright is on a mission to build the world's first truly open impact data platform around its proprietary net impact model.