First Street secures $46 million to advance physical climate risk modelling
First Street, a provider of physical climate risk data, announced that it has finalized an oversubscribed Series A-1 funding round, raising a total of $46 million. The company plans to advance physical climate risk modelling.
This funding round is led by Innovation Endeavors and joined by SE Ventures, backed by global energy management and automation leaders Schneider Electric and Nuveen Real Estate.
Sam Smith-Eppsteiner, Partner at Innovation Endeavors, said, “The need to understand and precisely quantify the physical risk of climate change is only increasing. Financial institutions, asset managers, and corporations will need better tools to make optimal business decisions and face emerging reporting regulatory regimes.”
The funding will accelerate First Street’s go-to-market strategy for its scientific innovations through its new software solution.
Additionally, the funds will support scaling their models for international markets.
Building on its scientific foundation, the company plans to introduce a correlated risk model. This model will reportedly instantly quantify the probability of material impact from multiple hazards for a portfolio of properties.
Read more: Climate change responsible for UK’s waterlogged winters, scientists say
Matthew Eby, Founder and CEO of First Street, said, “Our correlated risk models and enterprise software will change the way the country understands and manages climate-related financial risk. With this new funding, we will be able to expand our models globally so that every country can benefit from this scientific breakthrough.”
To facilitate access to these models, First Street has developed an enterprise software-as-a-service (SaaS) solution that performs all advanced calculations for users after they upload their portfolios.
By expanding data coverage globally with the same resolution and trusted methodologies, First Street will extend its understanding of climate risk, previously available only in the United States, to international markets.
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