InsurTech Reask, a science and technology company focusing on natural hazard modelling, has closed its seed funding round led by Tencent.
The funding round was also supported by SV Angel, a major San Francisco-based seed fund and early investor in Google, Twitter, and Airbnb, and by Hawktail, an early-stage US-based venture fund. It follows increasing traction by Reask with leading clients such as Swiss Re, AXA and ILS firms including Twelve Capital and Securis Investment Partners.
The funding, Reask said, will support the next stage of its product development, operational expansion, and business development worldwide, including the London Market.
Reask said it is “taking on” legacy Nat Cat modelling firms by fundamentally rethinking how catastrophe models are created, offering real-time, post event, and longer-term probabilistic risk forecasting solutions for global weather-related catastrophes, which leverage the power of artificial intelligence (AI).
Thomas Loridan, CEO and co-founder of Reask, said, “Artificial intelligence will be a critical tool to help humanity more accurately predict climate patterns and risks in the near future. In a dynamically changing world, our forecasting tools must become more sophisticated.
“Reask has built a suite of products leveraging their climate forecasting engine for the insurance industry that are helping insurance companies accelerate the development of their climate-related offerings. The insurance industry will play an increasingly critical role in helping economies adjust and mitigate risks from climate-driven catastrophic events.”
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