Mitiga Solutions, a climate tech startup that uses AI and high-performance computing to improve prevention, resilience and adaptive capacity to climate-related hazards, has raised a €13.25 million Series A funding round.
The investment was led by Kibo Ventures alongside Microsoft Climate Innovation Fund, Nationwide Ventures, Faber Ventures, and CREAS Impacto. The funding will enable the company to become the market standard for Climate Score, providing companies with the necessary tools to assess, measure and report climate hazard-associated risks while scaling the use of its physics-based models to help prevent natural hazards from becoming disasters.
Dr. Alejandro Martí, CEO and Co-Founder of Mitiga Solutions, comments: “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.”
As the world changes, Mitiga Solutions takes into consideration various dynamic factors, such as weather and geophysical conditions to better evaluate the impact of natural hazards as a result of climate change. By adopting this approach, it more precisely analyses risks across time, which helps insurance companies, real estate, and financial institutions better understand and address risks and uncertainties.
According to Martí, 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. “Our risk models and climate score solutions are not black boxes and contribute to more resilient and adaptable businesses and societies.”.
Mitiga Solutions’ founders have been working on solving complex environmental problems for over 20 years from different technological disciplines like AI, HPC, geophysics and numerical weather prediction (NWP). The team currently includes 30 employees, 40 percent of which have a PhD degree.
They recognised the gap in commercial risk modelling capabilities for the insurance sector and proposed to build a science-based HPC company. Mitiga Solutions was officially founded in 2018 as a spin-off of the National Supercomputing Center in Barcelona.
Javier Torremocha, Co-Founder and Managing Partner at Kibo Ventures, says: “There is a lot of potential and resilience in climate technology. We have been impressed by what Alex and the team have built; a proprietary state-of-the-art technology with multiple applications. We are delighted to support Mitiga with its vision to become a category leader while helping to reduce climate change disasters.”
In 2020, Mitiga Solutions joined Microsoft’s Startup Program and continued with the Founder’s and Fast-Track programs the following year. The company became a Microsoft ISV Co-Sell partner in 2022.
Brandon Middaugh, Senior Director at Microsoft Climate Innovation Fund, says: “The ability to predict and manage the effects of climate-related hazards is a critical need to adapt to a changing ecosystem. Mitiga’s use of AI and high-performance computing is a valuable tool to assess climate-related risk across a variety of hazards to mitigate threats and build a more resilient future.”
In addition to scaling its risk modelling offering, the funding will also be used to expand its science and business team worldwide, invest in its cloud architecture and security, and continue pushing the envelope of climate science. Mitiga expects to more than triple revenues in 2023.
Read the orginal article: https://www.eu-startups.com/2023/05/barcelona-based-mitiga-solutions-raises-e13-million-series-a-to-get-ahead-and-mitigate-natural-hazards/
