🦄 Climate X: Climate risk data and analytics

Climate X provides next-generation climate data and analytics, quantifying how different climate change pathways could result in physical risks to businesses, such as the probability of risks like natural disasters occurring and the severity of their impact. The company converts this impact on a business’s assets into a monetary value to enable companies to quickly identify the severity of climate-related risks, build climate-resilient business strategies, and comply with incoming regulatory requirements.
🦄 Unicorner Startup of the Week: Climate X
 
 ✍️ Notes From The Editors  
We’re excited to present Climate X for this week’s article, written by guest contributor Ollie Potter, who is a consultant and sustainability newsletter writer based in the U.K. Be sure to check out his newsletter The Triple Bottom for a weekly dose of sustainability startup and business news. He condenses hours of reading into a snappy 4-minute email.
 
As always, if you or someone you know would like to write one of our upcoming covers on a company you’re passionate about, let us know by responding to this email. Enjoy!
 
 - Ethan and Arek 🦄
 
 
Climate risk data and analytics
 
 
Climate X provides next-generation climate data and analytics, quantifying how different climate change pathways could result in physical risks to businesses, such as the probability of risks like natural disasters occurring and the severity of their impact. The company converts this impact on a business’s assets into a monetary value to enable companies to quickly identify the severity of climate-related risks, build climate-resilient business strategies, and comply with incoming regulatory requirements.
 
 
🔗 Check them out: climate-x.com
 
 
💰 Business Model
Climate X directly works with each client based on their specific needs.
 
📈 Traction and Fundraising
  • Raised £4.1 million ($5.1 million) seed led by CommerzVentures and A/O PropTech with participation from firms including Voyagers, Blue Impact Ventures and Deloitte
  • Working with Climate and Risk Advisors from the UK’s top academic institutions (Exeter University, Oxford University)
  • Awarded "Best Innovation: Geospatial Application" at CogX
 
👫 Founder(s)
  • Lukky Ahmed, CEO: Currently Member of Forbes Business Council, Climate Tech Fellow @ On Deck; Previously Co-Founder @ Kube Risk, Risk Contractor @ Lloyds Banking Group
  • Kamil Kluza, CPO: Previously Risk Specialist @ Accenture, Regulatory Specialist @ Barclays
 
💼 Opportunities
Be sure to mention you came from Unicorner when applying!
 
🔮 Our Analysis
Accurately quantifying exposure to climate risk is now an economic and moral necessity. Without concerted action, climate risk could cut the world economy by $23 trillion in 2050. Climate-related financial risk reporting is increasingly becoming a statutory requirement—the U.K. mandate for companies with over 500 employees began on April 6th and the U.S. SEC published proposals for similar climate risk disclosures. Climate X’s platform gives a range of actors across many industries the tools they need to understand, assess, predict, and report the exposure of their physical assets to ecological challenges—and in doing so enables them to start planning and investing accordingly to reduce future losses.
 
There are a number of factors differentiating Climate X from competitors. First, Climate X has built models for many types of climate risk data; including flooding, sea level rises, extreme heat and cold, freeze, landslide, subsidence, and coastal erosion. Second, it uses a physics-based approach to modeling rather than AI. This leads to greater accuracy in predictions. Finally, the team uses a “glass box” approach, meaning any output from its tool is explainable, highlighting which factors have led to its predictions. This explainability is critical for gaining the trust of key decision makers as well as demonstrating regulatory compliance. With increasing emphasis from investors, regulators, and consumers regarding climate risk, Climate X is well-placed to help organizations take action.
 
📚 Further Reading
 
 
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🎁 Bonus Content!
Layoffs in the tech world have been rampant over the past several weeks. Companies like Robinhood, Blend, Reef, Cameo, and On Deck have let go of over a combined thousand employees. You can view an active list of companies downsizing their headcount on Layoffs.fyi. If you've recently been laid off and are looking for a job in a specific industry, please respond to this email and we'll connect you with some open opportunities.
 
 
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