(Bloomberg) -- Datamaran Ltd., a software company that specializes in ESG, said it received $33 million in Series C financing from investment funds managed by Morgan Stanley.
The company said in a statement on Thursday that it will use part of the proceeds to advance its generative AI capabilities.
Datamaran, which counts Dell Technologies Inc. and PepsiCo Inc. among its clients, offers an analytics platform for clients to monitor risk and track adherence to the growing number of environmental, social and governance-related regulations.
“This investment will enable us to stay at the forefront of innovation in AI-powered software to serve our clients’ growing needs,” said Marjella Lecourt-Alma, Datamaran’s co-founder and chief executive officer.
Morgan Stanley was drawn to the company because it’s “a market leader in providing technology that enables companies to embed ESG into their business practices,” said Lincoln Isetta, managing director of Morgan Stanley Expansion Capital, in the statement.
Datamaran hasn’t disclosed a valuation for the company. Its Series B round raised £11.7 million ($15.5 million) in 2022.
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