UK-based insurance technology company FloodFlash has raised $15m in a Series A round led by Chicago-based Buoyant Ventures along with San Francisco-based fund Munich Re Ventures.

The round saw the participation of Sony Financial Ventures/Global Brain, MS&AD Ventures and PropTech1, while the insurtech’s existing backers Pentech, Local Globe and Insurtech Gateway also joined.

FloodFlash leverages computer models, cloud software and internet-of-things sensors to pay flood claims.

The company will utilise the proceeds to target $58bn flood underinsurance issue as well as support its international growth. It primarily plans to expand to the US, Germany, Australia, and Japan.

FloodFlash CEO Adam Rimmer said: “This investment is an endorsement of our parametric cover and how we’re using it to solve real-world issues.

“The group of investors for the round couldn’t be better tailored to supporting our efforts in solving the issues around underinsurance in the face of climate change.”

Buoyant Ventures partner Amy Francetic said: “Real solutions are needed to address flood risk in the communities on the front lines of climate change.

“We are thrilled to lead this first-class syndicate of investors and believe strongly that the FloodFlash team is well positioned for global expansion and success.”

Notably, FloodFlash extended its partnership with reinsurance, primary insurance and insurance-related risk solutions provider Munich Re last year to support international growth.