Allianz, Commerzbank, Deutsche Bank and the state of Hessen have partnered the ESG motioning service through a $20m series A round.

Germany-based environmental, social, and governance (ESG) data monitoring platform Arabesque S-Ray secured $20m yesterday in a series A round led by Allianz X, an investment arm of insurer Allianz.

Commerz Real and DW Group, respective subsidiaries of financial services firms Commerzbank and Deutsche Bank, also took part in the round, as did the German state government of Hessen.

Arabesque S-Ray provides a platform that leverages big data and machine learning technologies to help institutional investors, corporations and consultancies assess the sustainability performance of companies.

The company is also developing S-Ray Real Estate, an artificial intelligence-powered tool that is used to evaluate the sustainability of property.

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

“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.”