Novata, a leading ESG-focused data solutions provider for private markets, announced the launch of its new offering, “Novata for Companies,” targeted at private companies. The new solution is designed to assist these companies in managing and reporting ESG data, conducting carbon accounting, and ensuring compliance with sustainability-related regulations. Founded in 2021 as a public benefit corporation, Novata was established by a consortium that includes SandP Global, the Ford Foundation, asset management firm Hamilton Lane, and the Omidyar Network, an investment firm focused on social change. The company is supported and advised by several leading private equity firms and pension funds, with a mission to provide private market investors with a comprehensive solution for ESG measurement, data collection, and benchmarking. The new offering builds on Novata’s established expertise, catering to the growing demand among private companies for robust and reliable sustainability solutions. Mark Fischel, Head of Product for Companies at Novata, highlighted the increasing pressure on sustainability teams to meet various stakeholder demands and regulatory requirements. He stated, “Whether it’s providing data to investors or customers, or responding to the increasingly onerous regulatory landscape, sustainability teams have never been busier! We are confident that by integrating our advanced technology and expert advisory services, companies will save time, enhance collaboration, and drive sustainability up their business agenda.” The new solution offers several key features aimed at helping companies streamline their sustainability efforts. Novata’s Sustainability Management Solution allows businesses to efficiently collect, securely store, and collaborate on sustainability data. Meanwhile, the Novata Carbon Navigator provides tools for measuring Scope 1, 2, and 3 carbon emissions through a digitized carbon calculator. Additionally, the solution includes the Novata CSRD Solution, equipped with tools for managing data in line with European Sustainability Reporting Standards (ESRS), a double materiality solution, and access to expert advisory services.
According to Novata, the new solution is a direct response to the rising need for comprehensive and reliable sustainability management tools among private companies. The platform aims to address the challenges companies face in meeting the growing expectations of investors, customers, and regulators in the evolving ESG landscape. Alex Friedman, CEO and Co-Founder of Novata, expressed enthusiasm about the new offering, stating, “We’ve spent the last three years building a best-in-class data management platform that investors trust, and now we’re excited to bring that same level of innovation and reliability to private companies. Our goal is to help these companies tackle the hardest challenges in sustainability with confidence.” With the launch of “Novata for Companies,” Novata continues to expand its impact in the ESG data space, providing innovative solutions that enable businesses to enhance their sustainability practices and ensure regulatory compliance.