Arabesque S-Ray, a data technology company, has raised $20m in a Series A funding round led by Allianz X, the digital investment unit of the German insurer Allianz.

The funding rounding was also joined by Commerz Real AG, DWS Group, and Land Hessen.

Leveraging big data and machine learning technology, Arabesque S-Ray evaluates the sustainability performance of companies.

Arabesque S-Ray plans to spend the proceeds for developing new ESG data products and services including S-Ray Real Estate, an AI-based tool for assessing the sustainability of real estate objects.

Besides using traditional data sources on an asset-level, the new tool will utilise new emerging digital sources from Internet of Things (IoT) sensors and devices within buildings for assessing the sustainability of real estate objects.

Allianz X CEO Nazim Cetin said: “Sustainability assessments are becoming increasingly important for making informed investment decisions, including our own.

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“We believe in an accelerated growth trajectory for Arabesque S-Ray due to its strong position in the growing ESG data and consulting market, and superior tech capabilities.

“Allianz’s commitment to environmental, social, and governance issues means we integrate ESG into our core business decisions. Our performance in the Dow Jones Sustainability Index reflects this, with Allianz topping the list as the most sustainable insurer in 2018 for a second consecutive year.”

Arabesque S-Ray CEO Andreas Feiner said: “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.”

Allianz X invests in digital growth firm such as mobility, connected property, connected health, wealth management and retirement, as well as data intelligence and cyber-security.