Wednesday, Aug 10, 2022
International Finance
Energy Featured

UK-based Climate X raises $1.5 mn in funding to tackle climate change

Climate-X-Team_IF_Image
The funding round was led by Pale Blue Dot and attended by Blue Wire Capital, A100x and Possibilian

UK based climate intelligence startup Climate X raised $1.5 million in funding to tackle the climate crisis, media reports said. Investors such as Pale Blue Dot, Blue Wire Capital, A100x and Possibilian participated in the funding round.

The company takes the help of physical risk models along with machine learning to find the link between extreme climate events and what kind of impact it may have on millions of specific assets or locations anywhere in the world, up to 80 years into the future.

The company also calculates how exposure to extreme weather events could impact the value of assets. The climate intelligence firm is also building infrastructure to make sure that thousands of companies all over the world that need to assess climate change and be in the know about climate risks can identify the data they’ll be using to inform their investments and business strategies.

Heidi Lindvall, General Partner at Pale Blue Dot told the media, “Lukky and Kamil are two amazing founders with the domain expertise that we believe is necessary to win in this market. We are very excited to join them on this journey and see Climate X introduced to the world.”

Climate change is one of the events that need our immediate attention and one of the most important challenges faced by the global community. Some of the commonly damaging climate events are flooding, wildfire, hurricanes and drought. All these events are seen rapidly increasing in frequency. Back in February 2021, a week-long cold snap in Texas, USA reportedly cost $195 billion in lost income and long-term economic outputs from supply chain failures.

Image credits- EU startups

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.