Climate X Secures $5.4 Million in Seed Funding
Climate X, a London-based provider of climate risk analytics, has successfully raised $5.4 million in a seed funding round co-led by CommerzVentures and A/O PropTech. This financing round also saw participation from Voyagers Climate Tech Fund, Blue Impact Ventures, Deloitte LLP, and several angel investors.
The company’s mission is to equip businesses, governments, and individuals with the data and analytics needed to address the substantial climate risk challenges facing the globe, which are estimated to cost trillions of dollars.
In line with these challenges, the UK Government has mandated climate-related financial disclosures for publicly listed companies, significant private entities, and Limited Liability Partnerships (LLPs), starting from financial reporting periods on or after April 6, 2022.
Climate X’s innovative tools are designed to assist organizations in complying with these new regulations. They provide location-specific risk assessments and loss estimates related to extreme weather events projected until 2100, factoring in various global warming scenarios.
The firm’s flagship product, the Spectra climate risk data analytics platform, offers comprehensive hazard analyses through both an online interface and an API data feed. This integrated solution enhances performance accuracy to an impressive 95%.
Lukky Ahmed, CEO of Climate X, commented, “This investment will expedite the growth of our climate risk analytics solution, Spectra, and facilitate a smoother transition for governments and businesses worldwide in utilizing reliable data to make informed, long-term climate decisions.”