Climate X, a London-based provider of climate risk analytics, has raised $5.4 million in seed funding. The financing was led by CommerzVentures and A/O PropTech, with Voyagers Climate Tech Fund, Blue Impact Ventures, Deloitte LLP, and angel investors David Rowan (creator of WIRED), Kat Borlongan (former Director of La French Tech), and Renaud Visage joining them (co-founder and former CTO at Eventbrite).

Climate X plans to use the extra funds to meet increasing client demand and expand its product line.

What the founder has to say:

Lukky Ahmed, co-founder, and CEO at Climate X :

“This funding will help us scale our climate risk analytics solution, Spectra, and pave the way for governments and businesses worldwide to make multi-generational climate-informed decisions using data they understand and trust.” Lukky Ahmed, co-founder and CEO of Climate X, said, “We’re excited to enter the next phase of our journey with some of the best strategic investment partners in the world.”

What the investors have to say:

​​Louise Brett, Head of FinTech and Financial Services Innovation, Deloitte North and South Europe, commented:

“At Deloitte Ventures, we work with some of the UK’s most innovative start-ups to help them leverage the power of emerging technology and innovation to solve some of the most pressing problems they face today.” Climate change is a daunting task for any company. Still, by partnering with Climate X, we will be able to provide crucial data to our clients that will help them develop Net Zero policies and respond faster to climate-related concerns.”

Paul Morgenthaler, the Managing Partner at CommerzVentures, said:

“Climate X is a noteworthy example of a Climate FinTech addressing a multi-trillion-dollar finance industry challenge.” This unique team has created a critical tool to provide insights into climate change-related real estate concerns worldwide.

They give decision-makers the visibility to put climate mitigation and resilience at the center of their strategy, allowing them to build a sustainable business model. We’re excited to collaborate with the team as they expand their platform abroad.”

What does Climate X do?

Climate X fills the gap in the industry by giving the advanced tools required to achieve these legal criteria. They provide risk assessments and damage estimates for extreme weather occurrences connected to climate change up to 2100, based on various warming scenarios.

Climate X’s on-demand climate risk data analytics tool, Spectra, is available as an online platform or through an API data stream. The venue is a vertically integrated system that covers a wide range of hazard kinds and has a performance accuracy of up to 95%.

With its ‘glass box’ strategy, the company hopes to provide stability and transparency in a period of climate uncertainty. Firms can use either option to access over one trillion data points related to millions of locations across the UK rapidly and securely. By incorporating climate change-related risks into business decisions, pricing, and investment strategies, Spectra helps companies fulfill regulatory compliance and increase resiliency.

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Kshitij does business research and content writing for VCBay. Pursuing BBA from Symbiosis Center Of Management Studies (SCMS) Pune, he is skilled in Financial Modeling, Stock valuation and Microsoft Excel. He is passionate about Entrepreneurship and Finance.

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