Climate X, which designed financial risk modelling for climate chance, has raised £1.1m in its pre-seed round.
Pale Blue Dot, a climate-focused venture capital firm, acted as the lead investor. The oversubscribed round also secured capital from Blue Wire Capital, US-based VC’s A100x, Possibilian and a number of angel backers.
Its technology is designed to help businesses, governments and individuals assess climate intelligence to live a more resilient life. With climate change increasing the risks of flooding, wildfires, hurricanes and drought, businesses need to account for these risks.
Climate X helps by leveraging physical risk models and machine learning to automatically project how extreme weather events might impact millions of specific assets around the world.
It claims its final solution will be compliant with incoming government regulations mandating large and listed companies to provide climate disclosures from as early as 2022.
Climate X is used by the insurance, banking, real estate, construction, energy and infrastructure sectors.
Climate X co-founder and chief product officer Kamil Kluza said, “Climate X is bridging a gap between regulatory requirements and latest technology. We’ve built a ‘glass box’ solution combining remote sensing, a digital twin of the Earth and machine learning. By carefully balancing these components, we help satisfy both regulators, who require transparency, and users, who need detailed and understandable climate intelligence at asset – level scales.”
Its final product is expected to release in the UK by the end of 2021 and plans for rapid international expansion in 2022.
Eversheds Sutherland advised Climate X on its funding round.
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