TLDR:
Google Ventures participated in Climate X’s initial funding round, raising $18m to support global expansion and develop tools for assessing climate change impact on physical assets.
Article Summary:
Climate risk data firm Climate X secured $18m in funding led by Google Ventures to expand globally and create tools for financial institutions to evaluate the effects of climate change on physical assets. The Series A round also saw support from Pale Blue Dot, CommerzVentures, A/O, Blue Wire Capital, PT1, Unconventional Ventures, and Western Technology Investment. Climate X provides financial insights on climate risk’s impact on asset valuations, used by clients such as Legal & General, CBRE, Virgin Money, and Federated Hermes. The company plans to expand in Europe, North America, and APAC, incorporating additional data sources into its platform to meet commercial and regulatory needs. Google Ventures commended Climate X as a game-changer in climate risk intelligence and support the team’s vision of becoming a key player in climate risk decision-making within financial institutions. Other investors and partners echoed the importance of Climate X’s role in addressing physical risks to properties as climate hazards escalate.
