As SESAMm commemorates its 10th anniversary, we take a moment to reflect on a decade marked by significant achievements and invaluable lessons. This journey from a nascent startup to a leader in AI-powered ESG analytics has been both challenging and exhilarating. Through this walkthrough, I aim to share the pivotal milestones that have defined our path, the wisdom we have accrued, and the exciting prospects that lie ahead. These reflections not only encapsulate our past and present but also pave the way for the innovative strides we are poised to make in the future.

A Decade of Innovation and Growth: SESAMm’s 10 Key Milestones

As we celebrate SESAMm's 10th anniversary, I find it humbling and inspiring to reflect on our incredible journey. From our earliest days to our success, each milestone has shaped who we are today. Here’s a personal reflection on the ten key milestones defining our journey.

1. The Beginning - Winning the SEMIA Prize (2013): Everything started when we received the SEMIA entrepreneurship prize, supported by Société Générale with €10,000. This funding was crucial—it transformed our project from an academic idea into a viable business venture, marking our first serious step towards entrepreneurship.
2. Forming the Company (April 2014): The decision to officially form SESAMm as a company and my transition to CEO brought both excitement and a profound sense of responsibility. It was a commitment not just to our ideas but to leading a team towards realizing them. There’s a funny anecdote that happened during this period. I was still at school but had to do an internship to finish my studies, so I did it at SESAMm while being the CEO. So I was the CEO and an intern at the same time!
3. Securing Our First Client (Late 2015): Convincing a London trading firm to start using our products for actual trading activities was our first major market validation. This not only helped us fund our initial operations but also boosted our confidence in the potential of our technology. It helped us onboard other clients in the months thereafter.
4. Moving and Expanding (November 2015): This period was marked by significant changes, including a successful fundraising effort and relocating our headquarters to Metz. These moves were essential for scaling our operations and preparing for future growth.
5. Expanding Our Team (Early 2016): Hiring our first dedicated researchers in AI and finance was a key development that enhanced our capabilities dramatically. This expansion allowed us to accelerate our technology development and better serve our clients. It also helped us open our first office in Paris, which allowed us to bring the right talent to continue our development.
6. Seed Funding Round (2017): Raising €2.6 million in seed funding was a milestone that endorsed our market presence and bolstered our financial stability. We got the opportunity to work with major European asset managers and banks, allowing us to pursue broader objectives and refine our technological offerings.
7. International Expansion (2019): The expansion into New York and Tunisia was not just a geographical growth but also a strategic pivot focusing on the US, an ambitious plan to tackle the biggest market in the world. We also saw an opportunity to help more firms by incorporating ESG indicators into our services, reflecting our commitment to sustainability.
8. Establishing in Tokyo (2021): Opening an office in Tokyo was a strategic move to capture opportunities in the Asian markets and broaden our international footprint, which has been instrumental in our global strategy.
9. Series A Round (2021): The €7.5 million raised from entities like Carlyle and New Alpha was key in scaling our operations and enhancing our credibility in the fintech space globally. Although the fundraising part was critical, it also came with our first major private equity client in the US, Carlyle. That was a big validation in the market which increased our credibility with other firms in the space, leading us to work with the top 7 private equity companies.
10. A New Phase of Growth (2023): Closing a €35 million funding round was a testament to our growth and the trust investors have in our vision. This milestone coincided with another big one, hiring our 100th employee. The company cemented its position as a leader in ESG AI-powered insights.‍

“These last ten years have given us the opportunity to grow from a small team to a community ready to tackle any challenge. We learned together the importance of building a product that addresses market needs and prioritizes companies' responsibility for a better future.”

Florian Aubry, CTO & cofounder.

Top Ten Lessons Learned in Ten Years

Here's a reflection on the key insights that have guided our growth and innovation.

1. Be Ambitious: The journey of SESAMm taught us the power of ambition, and not the voracious kind, but a realistic yet big and aspirational one. Inspired by Sam Altman's advice, "Ask for what you want," we learned early on that setting high goals helps achieve them. Whether it was funding rounds or product development, a clear vision and bold aspirations were crucial.
2. Be Nice: Contrary to traditional aggressive management styles, we embraced kindness as a core value. This approach has not only improved our internal culture but also helped us build lasting relationships with partners and clients.
3. Stay Focused: Our focus has matured from developing a technology platform to progressively gaining the necessary laser focus on product market fit. This singular focus has been instrumental in navigating the complexities of the tech and financial markets, with a focus on enhancing our ESG insights that assist our clients in making the right decisions.
4. Trust People: At SESAMm, we believe in trusting our team by default. This trust has empowered our employees, fostered innovation, and driven our company forward. It’s about giving people ownership and believing in their capacity to succeed.
5. Client-Centric Approach: We prioritize exceptional customer service and cherish every client relationship. Our goal is to solve real problems and ensure that clients speak highly of us, even if our paths diverge.
6. Preserve Co-Founder Relationships: We've seen how disputes among founders can derail startups. At SESAMm, we make decisions collectively, emphasizing harmony and shared goals over individual agendas. 10 years later, our founding team is as strong and tight as ever.
7. Respect Your Investors: Our investors are not just funders; they are partners in our journey. Acknowledging their role and integrating their insights into our decision-making process has been vital for our growth.
8. Play the Long Game: Success in the startup world is not overnight. It takes perseverance and a long-term perspective to build a lasting enterprise. We emphasize sustainable growth and well-being over quick gains.
9. Enjoy the Journey: Amidst the hustle, it’s important to enjoy the process. At SESAMm, we aim to cherish every moment - whether it’s a breakthrough in a project or a casual team outing. These experiences enrich our work and lives.
10. Understand the Technology: As a tech-driven company, maintaining a deep understanding of our technology as founders - particularly AI - is fundamental. This ensures we can innovate effectively and make informed decisions.

Reflecting on these lessons as we look forward to the next decade, we are reminded of how far we've come and how these principles will continue to guide us.

“With a blend of humility and passion, we have boldly pursued our vision, guided by our hearts and intuition. By refining our initial business model, we have achieved remarkable success while remaining true to our core values.”

Pierre Rinaldi, COO & co-founder.

Charting the Future: SESAMm’s Strategic Vision for Advancing AI and ESG Innovation

As we move forward at SESAMm, I am personally very excited about the innovative strides we are making across multiple fronts. We are poised to roll out new generative AI features, including a dynamic AI assistant designed to streamline and enhance our offerings. We're also updating our ESG taxonomy to include the latest regulatory changes, ensuring that our products stay relevant and compliant.

Improving the accuracy and scope of our data remains a priority, and we are expanding our ESG indicators to provide a more comprehensive view of potential impacts. This enhancement will allow us to offer nuanced insights that go beyond traditional metrics.

Our index business is set for expansion with promising new applications leveraging ESG data and the potential for fruitful partnerships, leveraging our cutting-edge technology to explore new markets.

From a client engagement perspective, we are focused on making it easier for potential clients to understand why SESAMm is the superior choice. This involves clarifying our value proposition, which is built on unmatched service quality, extensive coverage, and a competitive edge that sets us apart from our rivals.

Geographically, we are significantly ramping up our efforts in North America, where demand for ESG-oriented solutions is growing rapidly. To support this expansion, we are investing in our team, ensuring we have the right people in place to drive our success in these new markets.

Through these focused efforts, we at SESAMm are not just aiming to maintain our leadership position in AI and financial analytics but are also setting new benchmarks for excellence and innovation in the sector.

Reflecting on the past decade, SESAMm is a testament to the power of innovation, teamwork, and perseverance. The milestones we have celebrated and the lessons we have learned form the bedrock of our enterprise, guiding us as we navigate the future. As we look ahead, our focus remains steadfast on enhancing our technological capabilities, expanding our global footprint, and delivering exceptional value to our clients. Moreover, we are deeply committed to advancing our ESG and sustainability efforts, which are integral to our business philosophy and strategic planning. With a dedicated team, a clear vision, and a robust approach to integrating ESG principles across all our operations, SESAMm is well-positioned to continue its journey of growth and innovation. Here's to the next decade of transforming challenges into opportunities and setting new standards in the financial technology landscape while promoting sustainable and responsible business practices.

SESAMm’s AI Technology Reveals ESG Insights

Discover unparalleled insights into ESG controversies, risks, and opportunities across industries. Learn more about how SESAMm can help you analyze millions of private and public companies using AI-powered text analysis tools.

The Net Zero Banking Alliance (NZBA), a flagship initiative under the Glasgow Financial Alliance for Net Zero (GFANZ), is facing a credibility crisis. Initially launched with the bold goal of aligning the banking sector with the 1.5°C target of the Paris Agreement, the alliance has recently relaxed its ambition, now aiming merely to keep global temperature rise "well below 2°C." This move comes amid high-profile exits from major U.S. banks and growing political pressures, raising concerns about the financial sector’s true commitment to climate action.

Major Bank Withdrawals Signal Recalibration

In early 2025, five major U.S. banks, including JPMorgan Chase, Bank of America, Goldman Sachs, Citigroup, and Morgan Stanley, quietly withdrew from the NZBA. Together, their departure slashed the alliance's total assets by 22%, casting doubt on its collective impact. These institutions cited operational and regional complexities, saying a uniform global strategy was increasingly unworkable. However, critics view the withdrawals as part of a broader retreat from climate leadership, particularly as political winds shift in the U.S.

Ethical Banks Push Back

Not all members are backing away. Dutch ethical lender Triodos Bank exited the NZBA not because it opposed the ambitious goals, but because the alliance was no longer ambitious enough. The bank reaffirmed its science-based commitment to cutting emissions by 42% by 2030 and condemned the revised targets as a watering down of climate action. Triodos' stance reflects the frustration of smaller, sustainability-focused institutions that fear losing ground in the face of regulatory and political compromises.

Political Pressures and Regulatory Gaps

This shift in banking commitments comes against a backdrop of increased political scrutiny. In the U.S., Democratic lawmakers have openly criticized the banks' decisions to leave the NZBA. They have requested greater transparency regarding these exits and demanded disclosure of any correspondence with the Trump campaign, suggesting fears that ESG rollbacks may be politically motivated. Without regulatory consistency, banks face a fragmented landscape that makes sustained climate progress difficult.

The Case for Stronger Oversight

While some institutions like Standard Chartered remain committed and continue to develop detailed transition plans, the broader trend points to a gap between voluntary climate commitments and actionable progress. Experts warn that relying solely on market incentives is insufficient. A lack of standardized frameworks and enforcement mechanisms risks undermining years of ESG progress. As global climate targets grow more urgent, financial regulators may need to step in to hold institutions accountable.

Conclusion: A Critical Juncture for Financial Climate Leadership

The evolving posture of the NZBA is emblematic of a larger challenge: balancing climate ambition with operational and political realities. While flexibility may be necessary, it must not come at the expense of credibility. The next phase of climate finance will depend on whether banks can remain both profitable and purposeful, or whether regulation will need to compel them to do so.

SESAMm’s AI Technology Reveals ESG Insights

Discover unparalleled insights into ESG controversies, risks, and opportunities across industries. Learn more about how SESAMm can help you analyze millions of private and public companies using AI-powered text analysis tools.

Greenwashing in ESG has become harder to detect, not easier, because the corporate playbook has matured. Claims are vaguer, disclosure is more selective. Meanwhile, two adjacent problems have grown up next to it: greenwishing and greenhushing. The biggest greenwashing risk in your portfolio probably isn't the company you suspect, it's the one you don't. This guide is about all three, and how AI surfaces them at the speed your investment process needs.

Over the past decade, many organizations have improved their carbon footprints, from recyclable and biodegradable packaging and single-use plastic to planting trees and reducing their greenhouse gas emissions. However, some businesses and companies looking to boost their eco-friendly image without committing to serious changes and addressing environmental issues have been associated with false green marketing. We call this "Greenwashing."

Defining Concepts

What is Greenwashing?

Greenwashing is a practice used by businesses to represent themselves as more sustainable than they truly are. Greenpeace and the Environmental Protection Agency define greenwashing as making false and misleading claims about a product's environmental benefits or practices, services, technology, or company practices. Greenwashing typically involves companies spending more money on advertising and marketing than on implementing sustainable business practices that minimize environmental impact. These false green claims can deceive consumers into believing that a product or company is more environmentally friendly than it is, leading to increased sales and profits. As a result, false advertising, misleading initiatives, and groundless claims have increased green investors' exposure to risks emerging from potential lawsuits from activist groups, image deterioration, and heavy losses in assets invested.

In recent years, new concepts have emerged alongside greenwashing:

• Greenhushing refers to a company’s refusal to publicize ESG information. The company may fear pushback from stakeholders who would find its sustainability efforts lacking or from investors who believe ESG undermines returns.
• Greenwishing, or unintentional greenwashing, describes a practice where a company hopes to meet certain sustainability commitments but simply does not have the means to do so.

High-Profile Greenwashing Case Studies

When talking about greenwashing, the usual suspects are the oil and gas industry, the food and beverage sector, and other environmentally impactful industries. However, the financial industry has also been embroiled in its own greenwashing controversies.

DWS Greenwashing Analysis

DWS Group has been at the center of repeated greenwashing allegations. In April 2025, the firm was fined €25 million by German prosecutors for misleading ESG claims, building on years of scrutiny. It all started in 2021 with whistleblower claims that DWS overstated its ESG credentials, triggering investigations by both U.S. and German authorities. A police raid in June 2022 led to the CEO’s resignation, and in 2023, the SEC fined DWS $25 million for ESG misstatements. Lawsuits in Germany also allege false advertising around ESG. Greenpeace condemned DWS’s ESG bonus scheme as cosmetic rather than meaningful. Despite public commitments to sustainability, these controversies underscore a pattern of overstated ESG practices designed to attract investors.

BNY Mellon Greenwashing Analysis

BNY Mellon faced similar regulatory action. In May 2022, the SEC fined BNY Mellon Investment Adviser, Inc. $1.5 million for misleading statements about ESG integration in mutual funds. Although the funds were marketed as ESG-focused, the SEC found that BNY Mellon failed to apply ESG quality review as consistently as claimed, raising concerns about greenwashing in the financial sector.

The Challenges of Detecting Greenwashing

It’s challenging to produce an accurate assessment of environmental, social, and governance (ESG) factors, which creates opportunities for companies to hide ineffective and fake green initiatives. According to Regtank, the main challenges to detecting greenwashing include:

• Lack of reporting standards – There’s no universal set of standards for ESG compliance.
• Lack of transparency – Companies often don’t disclose the specifics of their “green campaigns,” making it hard for investors and consumers to verify their claims.
• Limited consumer awareness – Misleading marketing can exploit consumers’ eco-consciousness and brand loyalty, reducing scrutiny of false green claims.
  

These gaps lead to inaccurate ESG data and scores, allowing greenwashers to avoid accountability. Ultimately, detecting greenwashing requires careful scrutiny of company claims and a deep understanding of their supply chains and operations.

How Artificial Intelligence Detects Greenwashing

As greenwashing practices become more common, activist investors, journalists, and the general public are using social media, news outlets, and blogs to highlight false claims. Artificial intelligence (AI) has become an invaluable tool in the early detection of greenwashing by analyzing vast amounts of public data.

At SESAMm, we use generative AI and LLMs to identify greenwashing risks across billions of web-based articles. Our data lake covers over 25 billion articles in more than 100 languages from four million news sources, blogs, social media platforms, and forums, analyzing data on five million public and private companies. Through our AI platform, we generate reliable, timely, and comprehensive insights to detect greenwashing, monitor ESG controversies, and identify related risks.

The Regulatory Landscape

The rise of greenwashing is not going unnoticed by regulators, as frameworks like the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD) directly target misleading sustainability claims and hollow marketing.

1. The CSRD significantly strengthens the requirements for companies to substantiate their sustainability commitments. Mandating standardized and detailed ESG disclosures directly addresses the practice of greenwashing, where companies exaggerate their environmental credentials in marketing without meaningful follow-through. Under the CSRD, companies can no longer rely on vague or selectively presented data—any gaps or inconsistencies in their sustainability claims will be exposed in public filings, making greenwashing much riskier. This means an end to cherry-picked data and a shift toward more comprehensive, comparable, and verifiable ESG performance for investors and stakeholders.
2. The CSDDD (if it stands) further reinforces these efforts by obligating companies to go beyond marketing statements and prove they’re actively managing environmental and human rights impacts throughout their supply chains. This directive closes loopholes that greenwashing often exploits, such as highlighting only direct operations while ignoring supplier practices. By requiring due diligence on environmental impacts across the value chain, the CSDDD aims to turn sustainability from a branding exercise into a legal and operational priority. If real supply chain actions don’t support a company’s green claims, it could face legal action and reputational damage.

Looking Ahead

Looking ahead, greenwashing will continue to face intense scrutiny from regulators, investors, and the public. With evolving regulatory frameworks like CSRD and CSDDD, the pressure is on for companies to ensure genuine environmental responsibility—not just green advertising. At SESAMm, we believe that the combination of regulatory rigor and advanced AI technologies will play a critical role in uncovering false green claims and supporting investors in navigating ESG risks with greater transparency and accountability.

SESAMm’s AI Technology Reveals ESG Insights

Discover unparalleled insights into ESG controversies, risks, and opportunities across industries. Learn more about how SESAMm can help you analyze millions of private and public companies using AI-powered text analysis tools.