Climate X, a London-based climate risk analytics provider, has closed a ?6.3m seed funding round as it plans to expand its product suite.
The investment was led by CommerzVentures and A/O PropTech, with contributions also coming from Voyagers Climate Tech Fund, Blue Impact Ventures and Deloitte. The round was also backed by WIRED founding editor-in-chief David Rowan, former La French Tech director Kat Borlongan and Eventbrite co-founder Renaud Visage.
This investment will enable Climate X to support its growing customer base and expand its product offering.
Climate X provides location-specific risk ratings and loss estimates for extreme weather events linked to climate change through to the year 2100, under multiple warming scenarios.
Its Spectra solution is an on-demand climate risk data analytics platform which is available through an online platform or API data feed. It acts as a vertically integrated solution that covers a range of hazard types.
This solution ensures firms can meet regulatory compliance and build resiliency by incorporating climate change-related risks into business decisions, pricing and investment strategies.
CommerzVentures managing partner Paul Morgenthaler said, ?Climate X is a standout example of a Climate FinTech that is solving a multi-trillion-dollar problem for the financial industry. This exceptional team has produced a vital tool capable of delivering insights into climate change-related risks for global real estate.
?Theyre enabling decision-makers to place climate mitigation and resilience at the heart of their strategy, delivering the visibility that is essential to creating a sustainable business model. We look forward to working with the team as they accelerate their platform expansion internationally.p>
The company previously raised ?1.3m in its pre-seed funding round back in 2021. Pale Blue Dot led the round, alongside BWC, NewChic Capital, A100x and others.
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