Climate X, an innovative startup leveraging data analytics, has successfully secured $1.5 million in pre-seed funding to address the pressing issue of climate risk, which poses a multi-trillion-dollar challenge to businesses, governments, and individuals alike.
The funding round was led by Pale Blue Dot and saw participation from Blue Wire Capital, A100x, and Possibilian, among others.
With its advanced combination of physical risk models and machine learning, Climate X can project the impact of extreme weather events related to climate change on specific assets and locations, extending predictions up to 80 years into the future. The company also evaluates how these extreme weather exposures may affect asset values in the real world.
In addition to its predictive capabilities, Climate X is developing infrastructure aimed at helping tens of thousands of companies globally to assess their climate risks. This initiative will enhance their understanding of the data crucial for informing investment decisions and business strategies.
For the financial services industry, Climate X’s solutions align with new central bank mandates requiring financial institutions to conduct climate scenario analyses and stress testing for the first time.
Lukky Ahmed, CEO of Climate X, stated, “Our mission is to unlock data that empowers the world to predict, prepare for, and protect against future climate-related risks, ultimately transforming the lives of millions.”