Reask is focused on tropical cyclones. Credit: Nasa on Unsplash.

Australia-based climate risk data provider Reask has raised $4.6m in a seed funding round, bringing the total raised to $6.55m.

The latest investment round was co-led by Mastry Ventures and Collaborative Fund, with participation from Macdoch Ventures.

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Existing pre-seed investors Tencent, SV Angel and Hawktail also participated in the round.

Reask uses artificial intelligence (AI) to interpret and forecast global extreme weather scenarios.

The AI analyses climate data from multiple sources to develop a weather modelling algorithm, which offers climate risk forecasts.

Specifically, Reask’s climate insights and intelligence are used by insurance companies and asset managers.

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Reask CEO Jamie Rodney said: “Organisations need a clearer view of how extreme weather is changing, so they can adequately prepare for any impact to their physical assets, infrastructure, business models, and customers.

“Our goal is to bring this information more quickly and efficiently to people and industries so we can help those who need it most and before there is an urgent need for help.”

The Australia-based company, which is focused on tropical cyclones, plans to use the funding to increase its hazard coverage, grow its international team to better cater to its customers and foray into the US market.

Collaborative Fund partner Guy Vidra said: “Reask’s ground-up, physics-based approach to climate analytics technology makes it possible to predict the outcomes and risks of extreme weather, allowing insurers to prepare themselves and others for the worst.”

Mastry Ventures co-founder and general partner Sam Landman said: “We are excited to see the continued adoption of their [Reask’s] product across the insurance and financial services industries and believe the company is well positioned to become the new standard.”