A British start-up which helps to forecast floods extra precisely has raised £2m from a syndicate of outstanding traders.
Sky News understands that Previsico, which was spun out of Loughborough University in 2019, has secured the backing at a major premium to its earlier funding spherical.
The spherical was led by 24Haymarket, the angel investor community, with extra capital from Foresight Group, an infrastructure and personal fairness funding supervisor.
Previsico’s FloodMap Live software program is used to work with UK insurers to assist clients mitigate potential losses arising from pluvial floods.
It utilises climate knowledge from the Met Office, IoT units, and superior flood modelling capabilities to deal with the worldwide drawback of floor water flooding.
Its clients embody main insurance coverage corporations corresponding to Zurich and Liberty, in addition to corporations together with Network Rail, National Grid and The Guinness Partnership.
The firm has seen development in demand for its know-how amid the growing frequency of flood occasions in Britain – a pattern that meteorologists count on to speed up due to the impression of local weather change.
David Marock, Previsico chairman, mentioned the funding spherical represented a “vote of confidence in our vision, which will enable us to build on our success to date here in the UK while also expanding into the US.
“[It] fuels our pleasure and dedication to enhancing resilience by predicting and mitigating flood impacts globally.”
Paul Hewitt, investor director at 24Haymarket, mentioned: “Previsico’s flood forecasting technology provides users with early warnings to take preventative action to reduce damage and losses from flood water.
“The worth proposition to its clients stretches past loss mitigation and importantly reduces the unfavorable social impression of flooding.”