By Patrick Thomas

Three financial institutions and a German federal state are investing a combined $20 million in environmental, social and governance (ESG) data provider Arabesque S-Ray as part of its series A funding round, the company said Thursday.

Allianz SE's venture capital arm Allianz X, Commerz Real AG, DWS Group and Land Hessen's joint investment will be used to expand S-Ray's business by developing new ESG data products and services to meet the growing demand for sustainability information, S-Ray said.

The data provider said the partnership allows it to invest in its artificial-intelligence tool used for evaluating the sustainability of real estate objects.

Arabesque S-Ray is used by institutional investors, corporations and consultancies to assess the sustainability performance of over 7,000 companies globally.

"The demand for ESG data and services is increasing exponentially. Our partnership with three of the leading financial institutions in Germany, together with the state of Hessen - with its focus on sustainability and technology - will enable us to meet this global demand from Frankfurt," Andreas Feiner, chief executive of Arabesque S-Ray said in a statement.

Write to Patrick Thomas at patrick.thomas@wsj.com

(END) Dow Jones Newswires

July 18, 2019 01:14 ET (05:14 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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