Cervest climate risk platform raises $ 30 million in funding

The financing, led by Draper Esprit, will finance the expansion of the start-up in the American and European markets.

Cervest, a UK start-up that is building a platform to assess climate risks, raised $ 30 million in a Series A round.

The start-up’s climate intelligence platform uses artificial intelligence to analyze climate data. It is aimed at businesses and governments who need to make sense of extreme climate and weather data to assess the risks and effects on physical assets.

The funding round was led by Draper Esprit alongside existing investors Astanor Ventures, Lowercarbon Capital and Future Positive Capital. Time Ventures and Marc Benioff’s Untitled, Magnus Rausing’s venture capital firm from the family of Swedish billionaire Rausing, have also joined the investment cycle.

The funding will be used to penetrate deeper into the US and European markets.

Cervest said its platform was designed to collect data from public and private sources, such as the National Oceanic and Atmospheric Administration in the United States and the European Center for Medium-Range Weather Forecasts.

It combines this data with machine learning to assess climate risks for physical assets or businesses and could help inform the insurance and financial services industries on how they structure their businesses in the future.

The first product built on the platform is called EarthScan, which provides historical data going back 50 years and predictive information. Cervest says the climate risk intelligence market is worth $ 40 billion.

“Climate volatility has brought us into a new era where climate intelligence must be integrated into all decisions,” said Chief Executive Officer Iggy Bassi.

“Organizations that fail to do so risk being blinded by climatic events such as the recent floods and fires in Australia, droughts in Europe and the winter frost in Texas.”

Bassi added that decarbonization remains vital but that it is not the only necessary response to climate risk.

“To be successful, we need a comprehensive and unified view of climate risk, simultaneously considering the impact of accelerating physical risks, along with adjacent decarbonization investments and transition risks as we build a low-carbon economy, ”he said

“This is exactly what Cervest will do, enabling everyone to become climate smart by making fully informed climate decisions.”

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