Cervest, a London UK-based company which specializes in Al-powered Climat Intelligence (CI) platform, raised $30m in Series A funding.
The round, which brings total funding to $36.2m, was led by Draper Esprit with participation from Astanor Ventures, Lowercarbon Capital (Chris Sacca), and Future Positive Capital, as well as and new investors UNTITLED, the venture fund of Magnus Rausing, and TIME Ventures, the venture fund of Marc Benioff. In conjunction with the funding, Vinoth Jayakumar, Partner and Fintech Practice Lead at Draper Esprit, will join Cervest’s Board of Directors.
The company intends to use the funds to move into the U.S. and European markets.
Led by Iggy Bassi, Founder and CEO, Cervest is the creator of an AI-powered Climate Intelligence (CI) platform for enterprises, financial services companies, and governments to quantify climate risk down to the asset level and across multiple decades and threats. Built through extensive, peer-reviewed research over the last five years, the platform combines public and private data sources (i.e. NOAA,ECMWF, CMIP6), machine learning, and statistical science to present a unified view of climate risk that’s never before been possible.
EarthScan™, the first product on the platform, gives users on-demand access to current, historical, and predictive views of how combined risks such as flooding, droughts, and extreme temperatures can impact the assets they own or manage. Insights are available across multiple risk categories simultaneously, going back 50 years and looking forward 80 years. EarthScan™ helps users to de-risk business decisions, meet TCFD financial disclosure guidelines, improve asset resilience, and uncover new opportunities to accelerate low-carbon growth.