Climate X completes $18m Series A led by Google Ventures
Climate X, a risk intelligence start-up that calculates the likely impact of climate risks on physical asset valuations, has raised $18 million in a Series A investment round led by Google Ventures (GV).
UK start-up Climate X raises $18m led by GV
Existing investor Pale Blue Dot also participated in the round alongside CommerzVentures, Blue Wire Capital, PT1, Unconventional Ventures, Western Technology Investment and Noa VC (formerly A/O).
Founded in 2020 and based in the UK, the start-up operates a data analytics platform which it claims enables “smarter investment and portfolio management decisions” for financial institutions and asset managers.
By leveraging a mix of physics, digital twin and AI technologies, along with more than 500 trillion data points, the Climate X platform provides clients with a unique risk assessment model which predicts the profitability and return on investment (ROI) of physical assets against 16 different climate hazards.
The start-up notably provided FinTech Futures with a deep dive into how its technology works when CEO Lukky Ahmed joined our Demystify Podcast in February.
“Assessing the impact of physical climate risk on asset valuations and business operations is now a necessity, not a nice-to-have,” Ahmed comments.
“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.”
Climate X says it will leverage the funds raised through the Series A to bolster its commercial team at its recently established New York office, before mapping a path for its intended expansion throughout North America, Europe and the Asia-Pacific.
