Floodbase, a climate adaptation technology company, has released a flood solution for parametric hurricane policies and raised $12m in Series A funding.
Founded in 2021, Floodbase is a climate adaptation technology company that provides precise, near real-time data and analysis on flooding and flood risk.
Powered by 15 satellites, machine learning, and on-the-ground data, Floodbase’s technology provides better data to insurance companies and governments to inform better flood preparedness and recovery decisions.
The funding round was led by Lowercarbon Capital with participation from Collaborative Fund, Floating Point and Vidavo.
As climate change makes storms stronger and wetter, Floodbase said its flood data makes it possible for insurers to offer residential and commercial policyholders protection against hurricane flood damage.
Coinciding with the feature launch, the company has also rebranded. It was formerly known as Cloud to Street.
Parametric insurance policies have become common for hurricanes and earthquakes, providing needed protection for those affected by these disasters.
According to Floodbase, Parametric flood insurance, however, has historically been impossible to implement due to a lack of real-time flood monitoring technology and data. This is the barrier Floodbase set out to eliminate.
Bessie Schwarz, CEO and Co-Founder of Floodbase, said, “The world needs innovative financial and insurance tools if we are to have any hope of adapting to climate change. We are proud to be the leading calculation agent for parametric flood insurance, and now add flood protection to expand the coverage of parametric hurricane policies as well.
“This technology will enable the expansion of flood insurance to every corner of the globe, and bridge a protection gap that cannot be closed without parametric insurance. It is an exciting milestone for our company that we are proud to mark with a new brand and successful Series A funding round.”
Earlier this month, Live flood alert InsurTech platform Previsico partnered with the new €4.3bn Meteosat Third Generation satellite system.
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