Ecofye, solve companies’ sustainability needs through technology
Ecofye is a cleantech start-up developing the first platform that assesses, monitors and transforms business as usual. Providing autonomous and personalised sustainability solutions and carbon footprint calculations. Our algorithm analyses companies’ entire value chain based on 3 criteria: carbon emissions, circular economy and social impact.
The platform currently enables companies to effectively embed sustainability into their businesses without having to engage with multiple tools and services. Making it simpler, faster and cheaper to achieve sustainability goals such as obtaining certifications, reducing the regulation-related risk or calculating emissions. The platform has an embedded sustainability assessment tool – the 360 Assessment – as an industry first, the sophisticated algorithm uses Topic Modelling to perform automated qualitative and quantitative evaluations of each operation that a company performs. A database of emission-reduction, circular and social practices generate a tailored list of solutions, based on the company’s 360 Assessment. The integrated carbon footprint calculator allows a user to seamlessly measure their emissions, identify any high-impact areas, and offset residual emissions through Ecofye’s carbon credit partners.
The platform enables users to obtain a better understanding of their impact through the 360 Assessment and the Carbon Calculator as well improving their score through its comprehensive list of solutions. Ecofye is rolling out 2 future features to further facilitate and enable supply chain transformation. Currently, supply chains still lack transparency, withholding companies’ ability to tackle what is often the most carbon intensive business areas.
The first feature will enable companies to set up real time monitoring of the most material aspects of their supply chains such as emissions, water use and waste produced.
The second feature will transform business waste into goods by achieving maximum efficiency of resources in any industry and reducing waste costs. It will allow transparent interactions between companies in the same – intra-cluster – or different – inter-cluster – industries, creating a closed loop in the economic system boosting circular economy.
Currently, operations are human-driven and, due to the lack of supply and demand knowledge, industries do not know how they can benefit from another’s waste. Through machine learning our platform will profile companies and industries to understand where possible matches can be made, while keeping requests and transactions transparent throughout, enhancing the economy’s potential for a green recovery.
Ecofye is working to provide long lasting transformative solutions to supply chains. This is a very complex task that requires a lot of supply chain data. Currently, ambitious sustainability and circularity solutions are extremely hard to achieve due to a lack of supply chain transparency. Ecofye’s strategy is to use the supply chain information of its current users to effectively implement real-time monitoring capabilities. Once real time monitoring has been set up, collaborative and ambitious supply chain solutions can be implemented much more easily. Competitors are focusing on promoting carbon calculation and carbon neutrality certifications. While these solutions are good, they are only a first step in the right direction as they do not tackle the underlying cause of climate change and promote a practice of offsetting 100% of emissions that is simply not sustainable at a large scale. If every company offsets, there simply wouldn’t be enough credits. Ecofye is looking to not just take one step towards a greener economy but to lead the way.
Our platform offers the perfect tool to rate stakeholder companies in a scalable and effective manner. Ecofye recently closed a project with on the of the top 20 largest FMCG companies to monitor logistics and warehousing emissions from 200 suppliers. In order to save time and automate every step we have included IoT sensors to gather the data that usually would be manually inputted.
The Beta version of the platform was launched at the end of last year. Our platform won the Lamborghini future fab award which means Lamborghini was our first beta user. Most recently, Ecofye won the Netexplo Innovation Award with UNESCO and was shortlisted to the Earthshot prize by the Websummit. As a go-to market strategy, Ecofye is targeting umbrella organisations in order to access a larger number of potential clients through one organisation. Ecofye is also targeting financial institutions as they are under increasing regulatory pressure to disclose their impact and offer the possibility to access a large number of companies at once. Over the past 2 years Ecofye has completed several projects aimed at decarbonising supply chains, measuring carbon footprints and obtaining sustainable certifications such as B Corp. Ecofye recently closed a project with one of the top and largest FMCG companies to measure their carbon emissions of Logistics and Warehousing operations in real-time. Ecofye has also secured a partnership with a major hardware company to provide the IoT sensor capabilities. Ecofye is also in talks with an insurance company to use the platform to rate their clients to integrate ESG into their underwriting process. Ecofye is currently fundraising to expand its development and sales team.