London-based climate risk analytics provider Climate X has raised $5.4 million in a seed funding round co-led by CommerzVentures and A/O PropTech.
Voyagers Climate Tech Fund, Blue Impact Ventures, Deloitte LLP and a gaggle of angels joined the round for Climate X, which uses data and analytics to help businesses, government and individuals tackle the multi trillion-dollar climate risk problem.
The UK Government has already announced mandatory climate-related financial disclosures by publicly quoted companies, large private companies and LLPs, enforceable for financial reporting periods starting on or after 6th April 2022.
Climate X says its tools can help firms meet these and other statutory requirements, delivering location-specific risk ratings and loss estimates for extreme weather events linked to climate change through to the year 2100, under multiple warming scenarios.
The firm's Spectra on-demand climate risk data analytics platform - available through an online platform or API data feed - acts as a vertically integrated solution that covers a comprehensive range of hazard types and claims to achieves up to 95% performance accuracy.
Lukky Ahmed, CEO, Climate X, says: "This investment accelerates our ability to scale our climate risk analytics solution, Spectra, and to smoothen the path for governments and businesses worldwide to use data they understand and trust to make multi-generational climate-informed decisions."