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Leicestershire-based insurtech Previsico gains £1.75M funding for next-gen flood warning solution

Previsico

Floods are one of the most destructive natural disasters, causing extensive damages to human life, infrastructure, agriculture, and the socioeconomic system. 

Therefore, governments are under pressure to develop a reliable and sustainable flood risk management focusing on prevention, protection, and preparedness. 

Here’s where Previsico, a Leicestershire-based startup, comes into play. Previsico, a spinout company from Loughborough University, provides real-time, street-level surface water flood forecasts to mitigate flood impacts globally, including live actionable street-level flood nowcast and forecast warnings.

Secured £1.75 million

In the latest development, the UK company has secured £1.75 million in funding in the Seed round, led by Foresight Group. 

The investment is jointly funded by the Midlands Engine Investment Fund and Foresight Williams Technology. The investment by Williams is particularly pertinent to their Formula 1 team after the Sap Grand Prix ended due to track flooding.

The company is planning to use the funding to support the next stage of its product development, including IoT sensors, team expansion, and sales growth, in the UK and beyond.

Flood mitigation

Founded in 2019 by Dapeng Yu, Previsico specialises in modeling flooding in real-time, using weather predictions to make street-level flood nowcasts and forecasts.

Previsico’s new live flood forecasting solution, launched after successful UK trials, will bring together on the ground IoT sensors across the UK, the latest weather data from IBM, and their unique flood modeling capabilities to address the increasing global issue of surface water flooding.

With the new solution, IoT sensors are placed in culverts, streams, or small rivers, which are prone to flooding, to mitigate the risk of an incorrect weather forecast and feedback live flood data to Previsico, which boosts the accuracy and timeliness of their flood forecasts.

Jonathan Jackson, CEO of Previsico, said: “Previsico’s mission is to be the leading provider of cutting-edge flood prediction technology, worldwide. We are gaining great traction in the market and are thrilled that Foresight, the Midlands Engine Investment Fund, and Foresight Williams Technology have recognised this, to accelerate our product development, team expansion, and sales growth, in the UK and beyond.”

Commenting on the investment, Jordan Lavender, Investment Manager at Foresight, said: “We are really excited to be working with Previsico and helping to develop this market-leading technology. Since meeting the team, we have been impressed by both the technical and commercial experience within the management team as well as the interest in the platform from a range of customers. The technology has strong ESG credentials and the company should be well placed to capitalise on some promising opportunities as it looks to grow over the coming years.”