London-based data intelligence startup raises over £1.1M to help world tackle climate change
Climate change is one of the most urgent challenges that the global community is facing right now. Due to this, there is an increasing threat of natural calamities including flooding, hurricanes, wildfire, and drought. Also, the soaring temperatures around the world is caused by climate change. It is important to understand these risks and the impact of the same on our uncertain future.
Given that climate intelligence will help global businesses, individuals, and governments build a stronger and resilient future, London-based Climate X, a purpose-driven company delivers next-generation asset-level climate adaptation data and analytics. Now, the startup has closed its pre-seed raise of £1.1 million.
UK release set for 2021
The oversubscribed investment round was led by Pale Blue Dot, one of Europe’s premier climate-focused Venture Capital firms. Other investors including UK-based Blue Wire Capital, US-based VC’s A100x and Possibilian, Hong Kong’s Jennifer Cheng’s NewChic Family Office and strategic angel investors from all over the world took part in the round. The founders were advised in their round by Eversheds Sutherland, led by Tom Jackson.
The company will release its final product to the UK market by the end of 2021 and has plans for rapid international expansion in 2022.
“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,” said Heidi Lindvall, General Partner at Pale Blue Dot.
Kamil Kluza, co-founder and Chief Product Officer, said “Climate X is bridging a gap between regulatory requirements and latest technology. We’ve built a ‘glass box’ solution combining remote sensing, a digital twin of the Earth and machine learning. By carefully balancing these components, we help satisfy both regulators, who require transparency, and users, who need detailed and understandable climate intelligence at asset-level scales.”
Lukky Ahmed, Chief Executive Officer of Climate X, said: “Climate X creates the vital link between macro-level climate change events and location-specific intelligence, enabling pro-active actions to build a more climate-resilient world. The consequences of failing to act on climate risk will be far more wide-reaching and significant. Climate X will unlock data that lets the world predict, prepare and protect against future climate related risks – transforming the lives of millions of people.”
Companies assess their climate risk
Established in 2020 by Lukky Ahmed and Kamil Kluza, Climate X addresses this need for a climate-resilient future with its data and analytics. The company uses a blend of physical risk models and machine learning to automatically project how extreme weather events linked to climate change could impact millions of specific assets or locations anywhere in the world, up to 80 years into the future. To bring the impacts into the real-world, it calculates how exposure to extreme weather events could impact the value of assets.
Climate X is building the infrastructure to ensure that several companies all over the world can assess their climate risks, understand the data they’ll be using to inform their investments and business strategies. The solution promises to be compliant with the incoming government regulations mandating large and listed companies to provide climate disclosures from 2022.
Already, the company has garnered unprecedented attention from globally significant institutions across multiple industries. These have joined its Proof-of-Concept programme over this summer.