Cervest Climate Intelligence platform

UK-based startup Cervest, the creator of one of the world’s first AI-powered Climate Intelligence (CI) platforms, raised € 24.6 million in Series A round on 20 May 2021.

Investors: The funding round was led by Draper Esprit. Existing investors Astanor Ventures, Lowercarbon Capital (Chris Sacca) and Future Positive Capital participated in the oversubscribed round. The new investors included UNTITLED, the venture fund of Magnus Rausing and TIME Ventures, the venture fund of Marc Benioff. The total funding raised by Cervest to date stands at around € 29.7 million.

About Cervest

Cervest

Founded in 2016 by Iggy Bassi, Cervest’s AI-powered Climate Intelligence platform and EarthScan(TM) product gather the knowledge of a thousand climate scientists for the decision-makers across businesses, governments, insurance companies and financial markets to help them quantify, manage and adapt to climate change at an asset-level. The startup’s mission is to democratize access to Climate Intelligence through its open-access platform, driving a shared responsibility to protect the world’s critical assets.

As the climate volatility is accelerating day by day, the persistence and interaction of extreme weather events are putting trillions of dollars of physical assets at risk. The startup warns that the business and government leaders must factor these risks into their day-to-day operations and decision making while preparing for fast-approaching regulatory changes.

Cervest’s automated ‘Climate Intelligence’ platform is built through extensive, peer-reviewed research over the last five years. It combines public and private data sources, machine learning and statistical science to provide a unified view of climate risk.

What the CEO has to say: “Climate Intelligence is business intelligence for managing climate risk. Climate volatility has thrown us into a new era where Climate Intelligence needs to be integrated into all decisions. Organizations that fail to do so risk being blindsided by climate events such as the recent floods and fires in Australia, the droughts in Europe, and the winter freeze in Texas. By using EarthScan to baseline, monitor, and forecast risk, organizations can take action to protect their assets and navigate toward a more resilient future.”Iggy Bassi, Founder and CEO of Cervest. 

What the investors have to say: “Cervest’s pioneering approach to quantifying risk, in a way that was never before possible, means we can better understand the economics of the problem and bring real-world market solutions to bear. We believe Iggy and the team’s deep science approach will provide the foundations of the Climate Intelligence market.”Vinoth Jayakumar, Partner and Fintech Practice Lead at Draper Esprit. He will also join Cervest’s Board of Directors.

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Komal writes about the startup ecosystem on VCBay. She is an Economics Hons. graduate from Miranda House, Delhi University, and is passionate about the world of entrepreneurship and finance.

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