Climate X, a London, UK-based climate risk intelligence company, raised £14.2M in Series A funding.
The round was led by GV, with participation from Pale blue dot, CommerzVentures, A/O, Blue Wire Capital, PT1, Unconventional Ventures and Western Technology Investment (WTI).
The company intends to use the funds to accelerate its global expansion and help financial organisations price the impact of climate change across their physical asset portfolios.
Co-founded by Lukky Ahmed and COO Kamil Kluza, Climate X offers proprietary financial insights into the likely impact of climate risks on physical asset valuations, from residential and commercial properties to road, rail and power infrastructure. The Climate X platform allows clients to model the future likelihood of 16 different climate hazards—from extreme heat to tropical cyclones and flooding—across eight warming scenarios over a 100-year time horizon, right down to the individual asset level.
Translating these risks into expected annual losses, the technology then allows clients to determine the ROI of taking pre-emptive climate adaptation action based on a range of 22 different interventions.
The data analytics platform is used by financial institutions and asset managers—including Legal & General, CBRE, Virgin Money, and Federated Hermes – to enable investment and portfolio management decisions, against a backdrop of tightening regulations regarding capital requirements related to climate risk exposure.
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