🦄 Climate X: Climate risk data and analytics

• 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

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.