Reask, an innovative company leveraging artificial intelligence (AI) to interpret and predict extreme global weather conditions, announced a successful investment funding total of $6.55m.
The latest seed round, co-led by Mastry Ventures and Collaborative Fund and worth $4.6m, included contributions from Macdoch Ventures and pre-existing pre-seed investor Tencent. Other pre-seed investors participating were SV Angel and Hawktail.
Reask is at the forefront of delivering high-resolution weather risk analytics and forecasting to ascertain the severity and frequency of extreme weather events worldwide. By harnessing AI across multiple climate data sources, the company develops proprietary weather modelling algorithms that learn climate physics. This results in dynamic, forward-looking depictions of atmospheric risk, proving invaluable to insurers and asset managers, who often grapple with less reliable and inadequate methods based on static historical statistics.
This latest injection of funds will be used by Reask to increase hazard coverage and expand its international team, in a bid to better service customers in growing markets. A key focus for Reask’s technology is tropical cyclones, which have caused over $1tn in global economic damage in the past decade, with less than half of this figure being insured. The damaging impact of such cyclones is expected to intensify with climate change, signalling a pressing and escalating risk to organisations worldwide.
Reask CEO Jamie Rodney said, “Organisations need a clearer view on how extreme weather is changing, so they can adequately prepare for any impact to their physical assets, infrastructure, business models, and customers. Our goal is to bring this information more quickly and efficiently to people and industries so we can help those who need it most and before there is an urgent need for help.”
In the past, Reask has been a recipient of investment from companies like (re)insurance giants AXA and Swiss Re, as well as a Big 4 accounting firm.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
