May 21, 2021
To help organizations “protect their assets and navigate toward a more resilient future”
Cervest, the company developing an AI-powered Climate Intelligence (CI) platform, has concluded a $30 million Series A funding round, led by Draper Esprit.
The British startup will use the financing to move “aggressively into the US and European markets,” Iggy Bassi, Cervest’s founder and CEO, said.
“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.”
The successful round brings the company’s total capital raised to $36.2 million.
Putting a price on climate
Powered by the company’s Earth Science AI technology, the CI platform combines public and private data sources, machine learning, and statistical science to present a unified view of climate risk.
The platform’s EarthScan product provides users with on-demand access to current, historical, and predictive views of how combined risks such as flooding, droughts, and extreme temperatures can impact the assets, and manage them according to potential risks.
Users can obtain insights going back 50 years and looking forward 80 years, with the aim to enable them to de-risk business decisions, meet Task Force on Climate-related Financial Disclosures (TFID) guidelines, and improve asset resilience.
EarthScan users can track up to five buildings for free but have to pay if they want to monitor more.
“Climate Tech has grabbed a lot of attention recently, with good reason. But solutions come from understanding the problem – Climate Intelligence is a new $40 billion market category which seeks to provide us with answers,” Vinoth Jayakumar, fintech practice lead at Draper Esprit, said.
As part of the fund’s investment, Jayakumar will join Cervest’s board.
The news comes after Cervest received Certified B Corporation status last month – meaning it has attained the high standards of social and environmental performance, public transparency, and legal accountability to balance profit and purpose, according to nonprofit certification firm B Corp.
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