Spanish climate-tech firm Mitiga Solutions has received an investment of €13.25m in a Series A round.
Kibo Ventures, Microsoft Climate Innovation Fund, Nationwide Ventures, Faber Ventures, and CREAS Impacto have jointly led the fundraising round.
Using artificial intelligence to help prevent climate-related hazards, Mitiga expects to use the fresh infusion to establish itself as a pioneer in climate score, thereby helping firms with solutions to evaluate, measure and report risks related to climate hazards.
The investment will also help the company increase the use of its physics-based models to help stop turning natural hazards into disasters.
It will further allow Mitiga to grow its science and business team across the globe, invest in its cloud architecture and security, as well as continue to explore the field of climate science.
The company aims to more than triple its revenues this year.
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Its clients include insurers such as Willis Tower Watson, AXA Climate, Howden Group, and international agencies such as EUROCONTROL and UNDP, among others.
Mitiga Solutions CEO and co-founder Dr Alejandro Martí said: “We’re on a mission to prevent natural hazards from becoming disasters and push the boundaries of how risks are managed and mitigated.
“But most importantly, we want to make the world a more resilient and safer place under a changing climate.”
Throughout the last century, human activity raised carbon dioxide emissions into the atmosphere, leading to an increase of 1°C in the average surface temperature of the earth.
Martí added: “Traditional risk management tools that rely on past events to predict the future are no longer sufficient, leaving businesses exposed, assets stranded, and reputations at risk.
“As a business, we value transparency above all. This is why we work with our clients to quantify uncertainty and allow them to make informed decisions.
“Our risk models and climate score solutions are not black boxes and contribute to more resilient and adaptable businesses and societies.”