Insurtech platform for analyzing, pricing, and transferring climate-linked risks at scale, the Demex Group has raised $9m in a seed funding round.
The round was co-led by Anthemis Group, Blue Bear Capital, and QBE Ventures with participation from IA Capital Group.
Demex plans to use the funds to help businesses mitigate the risk of climate change, which leads to fluctuations in revenue and operating costs for businesses.
Demex noted that impacts of extreme weather are localized to each property and individualized for each occupant.
The number of extreme weather events has increased from 29 between 1981-1990 to 105 between 2011-2020, Demex added.
It recently launched the Demex Climate Indicator to offer free insights related to various weather variables including summer heat, winter chill, rainfall, and snowfall. It includes over 650,000 unique climate assessments.
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Anthemis’ Ruth Foxe Blader said: “The Demex Group is successfully designing products for clients seeking standalone protection for climate-linked financial exposures. Insurance carrier partners embed climate resiliency solutions into existing products, such as homeowners or business lines. API integration localizes real-time pricing at the property address- level within customer networks.”
The Demex Group CEO and founder Ed Byrns said: “Property owners, tenants and managers are typically overlooked by the incumbent weather risk marketplace that focuses on agriculture and energy. Recent advances in cloud computing, big data, and blockchain have enabled us to deliver a simple, secure, and scalable platform that’s specifically designed for climate resiliency.”
Earlier this week, Delos Insurance, a catastrophe insurance managing general agency (MGA), raked in $5.3m in a seed funding round.