Cervest Secures $30 Million in Series A Funding

Cervest, a company developing a platform for the quantification of climate risk, has successfully closed a $30 million Series A funding round. The investment was spearheaded by Draper Esprit.

Investment Details

Existing investors, including Astanor Ventures, Lowercarbon Capital (led by Chris Sacca), and Future Positive Capital, also contributed to this round. New participation came from UNTITLED, the venture fund of Magnus Rausing, and TIME Ventures, the venture fund of Marc Benioff.

With this latest funding, Cervest’s total raised capital now amounts to $36.2 million. The company had previously secured $5.2 million in funding back in 2019.

Competitive Landscape

Cervest operates in a competitive market, with companies like Jupiter Intelligence, which has raised $35 million through Series B funding. However, Cervest differentiates itself through its emphasis on a combined data and AI-driven approach.

Platform Expansion and Climate Risk Assessment

The newly acquired funds will be strategically allocated to facilitate expansion into both the U.S. and European markets. This expansion will leverage Cervest’s freemium model.

Increasingly, the recognition of unpredictable weather patterns and observable climate changes highlights the substantial risks posed to trillions of dollars worth of physical assets.

EarthScan: A Climate Intelligence Product

Cervest’s climate intelligence platform is the result of five years of peer-reviewed research. It integrates both public and private data sources – including NOAA, ECMWF, and CMIP6 – alongside machine learning and statistical science.

The company’s first product, EarthScan, will provide enterprises and governments with insights into the potential impacts of flooding, droughts, and extreme temperatures on their assets. This analysis extends back 50 years and projects forward for 80 years.

Statements from Leadership

Iggy Bassi, founder and CEO of Cervest, stated: “Climate intelligence is fundamentally business intelligence for managing climate risk.”

He further explained: “Climate volatility necessitates the integration of climate intelligence into all decision-making processes. Organizations that neglect this risk being caught unprepared by climate events, such as the recent floods and fires in Australia, droughts in Europe, and the Texas winter freeze.”

Bassi emphasized that while decarbonization is crucial, it’s insufficient for building resilience at the asset level.

Draper Esprit’s Perspective

Vinoth Jayakumar, partner and Fintech Practice Lead at Draper Esprit, commented: “Climate tech is currently receiving significant attention, and rightfully so.”

He added: “Cervest’s innovative approach to quantifying risk, previously unattainable, allows for a better understanding of the economic implications and the development of practical, market-driven solutions.”