London-based startup Climate X has raised $18 million in a series A funding round led by Google's venture arm, GV, to advance its climate risk analytics platform.
Founded in 2020, Climate X provides businesses with insights into potential climate risks using a data analytics platform that integrates a digital twin of Earth with AI and physics tools, analyzing over 500 trillion data points. This platform allows clients to model the likelihood of 16 different climate hazards, from extreme heat to flooding, over a 100-year timeframe, designed to be as user-friendly as Google Maps.
In addition to GV, investors such as Pale Blue Dot, Blue Wire Capital, Unconventional Ventures, CommerzVentures, A/O, and Western Technology Investment participated in the funding round. The startup plans to use these funds to accelerate its expansion across Europe, North America, and Asia, following the recent opening of its office in New York.
Climate X aims to grow its commercial team to meet increasing demand from financial institutions, asset managers, and real estate investors. They also plan to integrate additional data sources into their platform to enhance its capabilities further.
Lukky Ahmed, co-founder and CEO of Climate X, highlighted the company's rapid growth in providing physical climate risk data and analytics, supporting global financial services clients with over $6.5 trillion in assets under management. The platform empowers investors to make informed decisions about asset portfolios amidst escalating climate challenges, transforming climate risk assessment from compliance to a strategic advantage.
With support from advisors in financial services and real estate, Climate X aims to redefine climate risk intelligence, offering advanced tools to manage and mitigate climate impacts on assets and investments.
