A climate intelligence platform for enterprises and governments has raised £21 million Series A funding.
Draper Esprit led the round into London-headquartered Cervest, supported by current investors Astanor Ventures, Lowercarbon Capital and Future Positive Capital as well as new investors UNTITLED, the venture fund of Magnus Rausing, and TIME Ventures, the venture fund of Marc Benioff.
Cervest will use the financing to move aggressively into the U.S. and European markets. Through its freemium model, Cervest is providing open access to Climate Intelligence by offering everyone a free, standardised climate risk assessment, spurring new conversations, and fostering an open and common dialogue on shared asset-level risk and opportunities.
Cervest has developed a first-of-its-kind automated climate intelligence platform, powered by the company’s groundbreaking earth science AI technology. Built through extensive, peer-reviewed research over the last five years, the platform combines public and private data sources, machine learning, and cutting-edge statistical science to present a unified view of climate risk.
EarthScan, the first product on the platform, gives enterprises and governments on-demand access to current, historical, and predictive views of how combined risks such as flooding, droughts, and extreme temperatures can impact the assets they own or manage.
Iggy Bassi, Founder and CEO of Cervest, said: “Climate intelligence is business intelligence for managing climate risk. Climate volatility has thrown us into a new era where climate intelligence needs to be integrated into all decisions.
“Organisations 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, organisations can take action to protect their assets and navigate toward a more resilient future.
“Much of the spotlight is on decarbonisation today. While this is absolutely necessary, it is not sufficient to build asset-level resilience.
“To succeed, we need a complete and unified view of climate risk, simultaneously considering the impact of accelerating physical risks, alongside decarbonisation investments and adjacent transition risks as we build a low carbon economy.
“This is exactly what Cervest will do, enabling everyone to become climate intelligent by making fully informed climate decisions.”
Vinoth Jayakumar, Partner at Draper Esprit, said: “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.
“Cervest’s pioneering approach to quantifying risk, in a way that was never before possible, means we can better understand the economics of the problem and bring real-world market solutions to bear.
“We believe Iggy and the team’s deep science approach will provide the foundations of the climate intelligence market.”