Climate X, a startup that uses data and analytics to help businesses, government and individuals tackle the multi trillion-dollar climate risk problem, has raised $1.5 million in pre-seed funding.
Pale Blue Dot led the oversubscribed round which was joined by Blue Wire Capital, A100x and Possibilian, among others.
Climate X 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, they also calculate how exposure to extreme weather events could impact the value of assets.
The firm is also building infrastructure to ensure the tens of thousands of companies worldwide, who need to assess their climate risks, can understand the data they’ll be using to inform their investments and business strategies.
For the FS industry, the startup promises to help with recently introduced central bank requirements for financial institutions to undertake climate scenario analysis and stress testing for the first time.
Lukky Ahmed, CEO, Climate X, says: "Climate X will unlock data that lets the world predict, prepare and protect against future climate-related risks - transforming the lives of millions of people."