Climate X Raises $18 Million In A Series A Funding Round
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Climate X, a climate risk intelligence enterprise, has received $18 million in a Series A investment round spearheaded by Google Ventures. The round also saw contributions from Western Technology Investment (WTI), Unconventional Ventures, PT1, Blue Wire Capital, A/O, CommerzVentures, and Pale Blue Dot.
Chief Executive Officer Lukky Ahmed and Chief Operating Officer Kamil Kluza founded Climate X. Ahmed previously oversaw risk transformation and stress testing programs for Lloyds Banking Group and HSBC Bank, and Kluza analyzed risk for Accenture, MUFG, and Barclays.
The Firm Enables Clients To Gauge The Financial Risks Of Climate-Related Events
Climate X headquarters is in the UK. It provides financial perspectives on how climate risks might affect the pricing of physical assets, including commercial and residential properties and infrastructure like rail, road, and power facilities.
The risk analysis model is built on a ‘Digital Copy of the Earth.’ It is backed by over 500 trillion data points, comprising an exclusive collection of 1.5 billion distinct assets and infrastructure extending over 44 million miles
The company’s Spectra platform calculates how likely severe weather events will be many years in advance. Using an interface similar to Google Maps, Climate X allows customers to predict the likelihood of 16 diverse climate risks—such as extreme heat, hurricanes, and floods—in the future. This forecasting covers eight warming situations over the next 100 years and details specific properties.
Converting these risks into predicted yearly losses, Climate X’s technology assists clients. It helps them calculate the return on investment from implementing 22 actions to prepare for climate change.
Climate X Will Use The Funding To Expand Its Operations
Ahmed stated that within just over a year since its market introduction, Climate X had achieved status as one of the world’s swiftest-growing suppliers of analytics and data centered on physical climate risks.
This has been valuable for international financial services customers with over $6.5 trillion in total assets under management. He further said that evaluating the effect of physical climate risks on asset values and business activities is now essential, not optional.
Ahmed noted that the company will use the latest funding to expand in Apac, North America, and Europe. It will develop the commercial team at its freshly launched New York branch. The company will also seek to enhance its products according to the changing regulatory and commercial requirements by integrating more data sources into its system.
One of the firm’s latest products, a platform named Adapt, assists asset managers in making knowledgeable choices, such as purchasing buildings that might face a climate event like extreme weather or flooding.
