Climate risk data startup Sust Global has raised £2.4 million.

The firm is building a geospatial product which delivers high-resolution climate risk data and near real-time emissions insights across global assets.

Using a ‘geospatial first’ approach to differentiate in the crowded climate data space, its deep learning techniques transform climate models, satellite and geospatial data to create a one-stop-shop for physical climate risk and emissions insights.

Customers, including global data providers, investors and corporates, can access insights via a cloud-native analytics product.

The seed round was led by Hambro Perks, with investment from Vala Capital, Powerhouse Ventures, Thirdstream Partners, and angel investors from leading UK and US financial firms. Sust Global will use this funding to grow the size of its commercial and technical teams and to expand its climate product into new markets such as real estate and banking.

Funded by the European Space Agency, Sust Global’s research has recently featured in the Neural Information Processing Systems (NeurIPS) and the American Geophysical Union (AGU) conferences.

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CEO Josh Gilbert said: “At the UN’s COP26 summit, world leaders, CEOs and celebrities will announce promises to address the climate crisis. But how hollow are these promises? 

“Corporates, investors and governments are accused of greenwashing and will likely fall short of their commitments. A large part of this is due to a lack of accurate, validated and transparent data.

“In an increasingly crowded climate data sector, our geospatial-first approach to climate risk data and emissions insights is truly unique. As our recent customer traction indicates, existing data on climate impacts is often inaccessible. 

“We’re thrilled to secure this investment to further our mission to deliver credible climate data to business and finance.”

Does a growing business need both a CFO and CRO?

Tom Bradley, partner at Hambro Perks, said: “Sust Global is addressing a huge problem with a unique software solution. We want to partner with  the best teams from an early stage and this investment gives us the opportunity to do that. 

“We look forward to collaborating with Josh and Gopal and to supporting them as they build a leader in their market.”