MioTech, which helps financial institutions meet ESG compliance, has secured an investment as it looks to grow in China
The capital, which is an extension to its recently closed Series B+ round, was supplied by J.P. Morgan Asset Management and HSBC Asset Management’s Financial Technology Venture Capital Fund.
With the equity injection, the company plans to hire more staff, expand internationally and develop new product lines. One of its key areas of growth is in China.
This marks MioTech’s fourth funding round in twelve months. Most recently, it collected closed a Series B+ round, which was backed by Guotai Junan International and GIC.
MioTech leverages AI technology to help solve issues faced by financial institutions around sustainability, climate change, carbon emissions reduction and social responsibility. Its database of ESG information helps firms make the right decisions in green finance and responsible investing.
Furthermore, the technology helps corporations manage ESG reporting, improve energy efficiency, track and reduce carbon emissions.
J.P. Morgan Asset Management global head of sustainable investing Jennifer Wu said, “MioTech’s ability to utilize AI to gather and assess unstructured ESG data sets will provide valuable inputs to our fundamental research. This will enhance our consideration of material ESG risks and opportunities in our active investment processes and help us to support our global and China clients in making sustainable investment decisions.
“With valuable expertise into the ESG data and factors that are unique to China, MioTech’s capabilities will also help to advance the development of our proprietary quantitative ESG scoring system.”
Governments around the world are starting to increase regulations around ESG within financial institutions. Earlier this week, New Zealand became the first country globally to pass laws requiring banks, insurers and investment managers to disclose the impact of climate change on their companies.
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