Climate X Secures £16.8 Million to Expand Climate Risk Intelligence

Based in London, Climate X has raised £16.8 million to determine the impact of climate threats on the valuation of physical assets. The firm provides climate risk intelligence and aims to assist prominent financial institutions worldwide in valuing the impact of climate change across their physical asset portfolios. Investors include Pale blue dot, CommerzVentures, A/O, Blue Wire Capital, PT1, Unconventional Ventures, and Western Technology Investment (WTI), with Google Ventures (GV) leading the Series A investment round.

To enhance its global expansion, Climate X plans to establish a commercial team in its New York office, catering to the growing demand from major financial institutions, global asset managers, and real estate investors. The company also aims to integrate additional data sources into its platform to meet evolving commercial and regulatory requirements.

Cofounded by CEO Lukky Ahmed and COO Kamil Kluza, Climate X developed a unique risk assessment methodology based on AI, physics, and the Digital Twin of the Earth. The technology is supported by over 500 trillion data points and is used by clients to forecast future climate hazards and evaluate the ROI of climate adaptation measures.

The company's technology aims to provide business value by addressing crucial questions on asset portfolios and investment strategies, aiming to revolutionize the climate adaptation market. Industry figures from companies like Amazon Prime, Monzo, HSBC, and Mozilla as well as prominent financial and real estate individuals provide advice to the fifty-person Climate X team. GV Principal, Roni Hiranand, praised Climate X's ability to quantify and address climate risk accurately, expressing support for the company's ambition to become the foundation for all climate risk-related decision-making within financial institutions.