[ad_1]
Mitiga Solutions Raises $14.4 Million Series A Funding Round for Its Climate-driven Risk Modelling
Mitiga Solutions, a climate tech startup based in Barcelona, has raised €13.25m ($14.4m) in a Series A funding round aimed at increasing its risk modelling tools. Mitiga Solutions offers physics-based risk modelling to predict climate-driven risks, including wildfire, extreme weather and volcanos, and is able to determine variations in climate driven by climate change. Mitiga Solutions’ clients are businesses, such as energy manufacturers, and entities in need of collateralising risk, such as financial services, hedge funds, real estate companies and insurance firms. Its approach calculates the risk more accurately than traditional probabilistic models, which rely on stochastic analysis over the last 100 years that exclude unprecedented changes in the climate.
Physics-Based Modelling
Mitiga Solutions uses physics-based models to make mathematical simulations of complex systems by applying physical laws and principles to vast quantities of data. However, it needs high-quality data that is sometimes unavailable in some parts of the world. Mitiga Solutions’ approach to solve this problem involves using artificial intelligence techniques like transfer learning and proxies to process data in such areas and develop underlying models for less data-rich sites. However, the accuracy of this method varies depending on the amount of high-quality data available to the survey and the context of the risk.
Risks of Secondary Perils
Mitiga Solutions’ focus now is modelling risks around so-called “secondary” perils or events “heavily impacted by climate change”, including wildfire, extreme weather, drought and volcanic eruptions. Although volcanic eruptions can contribute to climate change by emitting aerosols that increase heating, the firm focuses on volcanic eruptions because they cause risks to human life. Insurance companies’ loss ratios show that secondary perils now collectively account for over 50% of the companies’ losses. Mitiga Solutions believes targeting secondary perils that are heavily impacted by climate change will expose the rising dangers they pose to human life and their ability to drive significant commercial losses.
Conclusion
Mitiga Solutions raised €13.25m in Series A funding to enhance its risk modelling tools. Mitiga Solutions’ clients are businesses needing risk modelling, including energy manufacturers, financial services, hedge funds, real estate companies and insurance firms. Its physics-based methods offer an accurate approach and calculated risks compared to conventional probabilistic models that use some stochastic analysis in the past 100 years. The firm has a focus on “secondary perils” like wildfires, extreme weather, drought and volcanic eruptions. Through using artificial intelligence and high-quality data, it aims to tackle climate change challenges and expose the increasing dangers these risks pose to human life and commercial losses.
FAQ
What is Mitiga Solutions?
It is a climate tech startup based in Barcelona. It provides physics-based risk modelling for predicting climate-driven risks such as wildfires, extreme weather, and volcanos.
What does Mitiga Solutions’ Series A funding hope to achieve?
The funding aims to enhance the firm’s risk modelling tools. It will provide improved physics-based methods for calculating risks from climate-driven risks.
Who are the clients of Mitiga Solutions?
The clients of Mitiga Solutions are businesses needing risk modelling, including energy manufacturers, financial services, hedge funds, real estate companies, and insurance firms.
How does Mitiga Solutions vary from traditional probabilistic models?
Mitiga Solutions provides more accurate results compared to most conventional probabilistic models that use some stochastic analysis based on data from the past 100 years to calculate risks.
What is Mitiga Solutions’ focus?
Mitiga Solutions’ focus is “secondary perils” like wildfires, drought, extreme weather, and volcanic eruptions. They seek to expose the rising danger posed to human life and commercial losses.
[ad_2]
For more information, please refer this link