Climate risk intelligence company Climate X has raised $18 million (£14.2 million) for its global expansion.
Google Ventures led the Series A investment round, supported by Pale blue dot, CommerzVentures, A/O, Blue Wire Capital, PT1, Unconventional Ventures and Western Technology Investment (WTI).
Climate X offers its proprietary insights to help financial organisations price the impact of climate change across their physical asset portfolios, from property to road, rail and power infrastructure. The company’s risk assessment model uses a combination of a Digital Twin of the Earth, physics and AI, underpinned by more than 500 trillion data points, including a proprietary library of 1.5 billion individual assets and 44 million miles of infrastructure.
The technology enables Climate X’s clients to determine the return on investment (ROI) of taking preemptive climate adaptation action.
Lukky Ahmed, CEO at Climate X, said: “Assessing the impact of physical climate risk on asset valuations and business operations is now a necessity, not a nice-to-have.”
“By demonstrating how our workflow solutions can drive both top and bottom-line growth, we have redefined physical climate risk solutions from mere compliance tools to competitive advantages that enhance business outcomes for our customers and their clients.”
Kamil Kluza, COO at Climate X, added: “The climate adaptation market will be a vital economic enabler in the years ahead, yet to date, it has been dominated by expensive consultancies reliant on manual human analysis and black box solutions that reduce climate risk to a single rating or score.
“We’re breaking the mould with technology designed to drive business value by helping our clients answer critical questions about their asset portfolios and investment strategies: where to buy, where to sell, how to build portfolio resistance, reduce insurance premiums and protect asset values.”