Raincoat, a startup based in Puerto Rico, has received a significant financial boost with a $150k award from Google.
This funding forms part of the Google for Startups Founders Funds program, according to a report from News is my Business.
The company was chosen among 20 Black and Latino entrepreneurs to receive not only the cash award but also Google Cloud credits and valuable mentorship resources.
ed by Jonathan González in 2018, Raincoat specialises in developing scalable climate insurance solutions that utilise AI to manage and process individual claims instantly. The platform connects insurance, reinsurers, distributors, and end-users, to help deliver climate protection and resilience for everyone.
Each founder in the Google program, including Raincoat, will benefit from $150,000 in non-dilutive cash awards and $100,000 in Google Cloud credits. These resources are supplemented with access to mental health support and expertise from Google’s AI and sales teams.
Maya Kulycky, vice president of Strategy and Operations at Google Research, said, “Through the Google for Startups Founders Funds, we are proud to invest in promising Black and Latino founders who are leveraging AI technology to help address some of today’s most pressing issues. We are inspired by the groundbreaking work of these founders and their potential to shape the future of AI.”
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