Mitiga, a startup using artificial intelligence (AI) to predict climate risks, has just secured a whopping 13 million euros, around $14 million, in a round that saw contributions from Kibo Ventures and Microsoft Climate Innovation Fund. This Series A investment now takes the company’s total funds raised to roughly 17 million dollars.
Founded in 2018 after spinning out from the National Supercomputing Centre in Spain, Mitiga’s AI-based platform assesses, measures, and predicts multiple climate risks for a variety of sectors, e.g. insurance, real estate, energy, and financial services. Their user-friendly platform presents an overall risk score and a breakdown depicting the interconnectivity between risks such as drought, extreme weather, and forest fires, to help companies accurately plan for infrastructure investments. This could also potentially generate $183 billion in insurance premiums.
Dr Alejandro MartÃ, co-founder and CEO of Mitiga, notes that existing solutions would only use historical data to track climate risk, whereas Mitiga’s technology takes into consideration the changing nature of the climate and analyzes risk over time. Their platform is fed with data related to weather, vegetation, and geophysical conditions to better capture the intensity of destructive events.
In terms of business model, Mitiga follows a subscription-based SaaS model, depending on the geographical area or the number of noteworthy assets involved. This model can also be adjusted for non-profits and charities such as the Danish Red Cross.
The fresh funds will allow Mitiga to double their headcount to about 70 people, and plan for scaling up their operations. Mitiga also hopes to plant their feet firmly in the US market.
Dr Alejandro Martà was born in Spain. Before graduating with a PhD in astronomy, Alejandro became a venture capital associate and an entrepreneur in residence. He now works as the CEO of Mitiga, is an active member of two investment boards and is the founder of the yClimate movement. He is currently based in Barcelona.
Mitiga is committed towards protecting lives and assets from climate-related risks through a combination of smart science-based modelling and AI-driven insights. Through their platform, they hope to foster greater transparency and build resiliency among different sectors.
