Climate X has raised €1.3 million in its pre-seed round to help the world tackle a multi-trillion-dollar climate risk problem.
The startup was founded earlier this year with a motive to change the way the world manages assets, infrastructure, and investments by showcasing the future climate risks.
The same is addressed by their data and analytics. The London-based startup uses a blend of physical risk models and machine learning to automatically project how extreme weather events linked to climate change could impact millions of specific assets or locations anywhere in the world, up to 80 years into the future. To bring the impacts into the real-world, Climate X also calculates how exposure to extreme weather events could impact the value of assets.
Kamil Kluza, Climate X co-founder and Chief Product Officer, stated: “Climate X is bridging a gap between regulatory requirements and latest technology. We’ve built a ‘glass box’ solution combining remote sensing, a digital twin of the Earth, and machine learning. By carefully balancing these components, we help satisfy both regulators, who require transparency, and users, who need detailed and understandable climate intelligence at asset-level scales.”
Lukky Ahmed, Chief Executive Officer of Climate X, added: “It simply doesn’t make sense that climate risks aren’t factored into pricing, valuations, or investment strategies. The limited data available in the market was fragmented or assembled in ways that didn’t stand up to our scrutiny, so we decided to partner with leading climate scientists and academia to create it ourselves. Climate X creates the vital link between macro-level climate change events and location-specific intelligence, enabling pro-active actions to build a more climate-resilient world.”
Pale Blue Dot led the funding round. The startup is set to release its end product in the UK market by the end of 2021.
