UK startup Climate X recently secured $18 million in a Series A funding round led by GV (Google Ventures). Climate X specializes in analyzing the climate risk of physical assets and plans to use this latest funding to expand its global operations and refine its proprietary machine-learning technology.
The climate risk assessment market has seen substantial fundraising efforts recently, with niche specializations from various companies. For instance, accounting firm Persefoni raised $164.2 million, while carbon offset rating firm Sylvera obtained $32 million. Personal carbon footprint tracking company Joro amassed an impressive $40 million in funds, while the notable carbon tracking service Emitwise raised $75.6 million.
The Series A funding is anticipated to expedite Climate X’s expansion across Europe, North America, and APAC.
Climate X’s global growth with $18M funding
CommerzVentures, A/O, Blue Wire Capital, PT1, Unconventional Ventures, and WTI were notable participants in the funding round.
Climate X’s platform evaluates the climate risk associated with various physical assets such as properties and infrastructure. The goal is to provide financial institutions with a comprehensive understanding of the potential financial implications of climate change. This approach empowers firms to navigate climate risks, creating more sustainable and responsible investment strategies.
Climate X was founded by corporate risk experts Lukky Ahmed and Kamil Kluza. Their platform uses a digital twin of Earth, a library of 1.5 billion individual assets, and 44 million miles of infrastructure to conduct its comprehensive climate risk assessments.
The startup’s journey began with substantial personal financial input from the founders. The company experienced a surge in momentum after Pale Blue Dot led its seed funding round, generating a wave of investment interest, and paving the way for future financial growth.
