Technological influences

We chose Webflow as our web development platform due to its tight integration with design, no-code capabilities, sustainability focus, and reliable hosting.

Context:

Starting from 2024, European companies are required to report their complete CO2 footprint to the EU's new CSRD legislation. The collective bill for the largest Danish companies alone amounts to more than DKK 1 billion for data collection and calculations. EIVEE handles the resource-intensive CO2 calculations, allowing companies to focus where it makes the most sense: setting up their CO2 goals and achieving their CO2 savings.

Limitations, restrictions, regulations:

Companies must report their environmental, social, and managerial data alongside their financial annual reports. The reports are audited by third parties for data integrity and accuracy. For the largest Danish companies alone, this translates to a bill of at least DKK 7 billion for data collection and processing. (Source: DI)

Budget 40.230 €

Insights

Lack of digitalization

According to a BCG study, 86% of companies still collect their CO2 data manually and offline in Excel sheets, and data collection is the most significant barrier. Therefore, 91% of companies are unable to measure the full impact of their CO2 emissions. (Source: BCG)

Intention / purpose

To make it easier for companies to meet the rising demands and calculate their CO2 emission

Adaption of an existing platform or new innovation

It is based on a new innovation - webflow

• Long-term outcomes: We envision a world where CO2 data is easily accessible on all products and can be shared to customers directly on the invoice, creating new commercial opportunities for companies.

• Scalability: We expect to hit 2.9 mEUR in 2023 and 6 mEUR in 2024

• Industry relevance: We target the manufacturing industry which accounts for 20% of the world’s emissions and have a massive responsibility towards net-zero.

Result/Successes/developments to date

EIVEE was established in 2020 and has since onboarded leading Nordic and international companies as customers.

The company has so far raised 30 million DKK in growth capital (seed financing) and has expanded from 18 employees to over 50 in the past year.

The figures for 2022 show that:

• EIVEE's platform and team have handled procurement data for companies totaling over 46 billion DKK.

• Investment received: 4 mEUR from Seed Capital in 2022.

EIVEE's CO2 calculation starts with a comprehensive mapping of the company's external costs (what is being purchased, from whom, and how much). EIVEE can calculate a company's total CO2 footprint – including emissions from the supply chain – the so-called “scope 3 emissions”. The unique combination of technology and human expertise allows EIVEE to pull procurement data directly from companies' systems. Using AI and Machine Learning, this data is cleansed, normalized, and categorized. EIVEE's experts then establish unique connections between the data sources. Once the company's procurement data is consolidated, it serves as the foundation for calculating climate data by comparing emission figures and calculations from recognized environmental databases. Additionally, this climate data is enriched with industry-specific expertise and the company's input from products, activities, and suppliers.

Components:

EIVEE is a unique blend of human and machine, able to deliver industry-leading data quality for a company’s entire carbon footprint across scope 1, 2 and 3 emissions.

Platforms:

EIVEE’s carbon solution is a one-stop tech platform enabling companies to be legally compliant and reduce emissions through actionable insights - with a full audit trail all the way down to product and material level.

What stage it is: Seed