Eoliann, an Italian benefit corporation that makes climate risks more predictable, has snared €1.35m in a funding round.
The investment was made by Primo Space, a fund managed by the investor Primo Ventures SGR.
Extreme weather events have increased by 345% in the last 50 years because of urbanization and climate change, creating an aggregated economic loss of $ 5,2 trillion.
Eoliann labelled the company ‘a team of dreamers’ who are making the unpredictable more predictable.
The firm’s solution leverages satellite data and proprietary ML algorithms to forecast the probability and impact of specific climate risk events to improve insurance policy creation and prudential disclosure on ESG risks.
The company intends to use the new investment to continue to expand operations and its development efforts.
According to Fennel, the key feature of its app is its in-app ESG data and rankings, which the firm says provides unprecedented information to retail investors on public firms’ ESG practices.
With Fennel, users can invest in publicly listed stocks and ETFs as they analyse detailed ESG data and further understand how the companies they invest in impact the world they live in.
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