Climate X, a UK startup that helps financial institutions manage their climate risk, has raised $18 million in Series A funding.
Founded in London in 2020, Climate X works with financial services businesses, such as banks and commercial real estate owners, to provide what cofounder Lukky Ahmed calls "Google Maps for climate risk."
The startup sells data to asset managers and financial institutions about their exposure to risks like flooding or extreme weather. Its SaaS product can help businesses assess and monitor risks to specific properties and buildings and then help with resilience planning.
"I spent a decade at HSBC working on stress testing and macro risk," Ahmed told Business Insider in an interview.
"Our product is about making things less bad for the future; the world is going to change whether we like it or not, so it's about getting a better understanding of that future today," he continued.
The round was led by Google Ventures. Pale Blue Dot, CommerzVentures, A/O, Blue Wire Capital, PT1, Unconventional Ventures, and Western Technology Investment also participated.
"A big part of this year is getting to the US market and being physically present there," Ahmed said, when asked what the funding would go toward.
The company will also grow its head count to around 75 staff by next year, with hiring linked to specific milestones in annual recurring revenue, he added.
Check out Climate X's 12-slide Series A pitch deck below:
