Climate X raises $18M to expand US climate risk platform with Google Ventures backing

Climate X, a UK-based climate risk intelligence company, has raised $18 million in Series A funding to support its global expansion and help financial institutions manage climate risks. The funding round was led by Google Ventures and included participation from Pale Blue Dot, CommerzVentures, A/O, Blue Wire Capital, PT1, Unconventional Ventures, and Western Technology Investment. The company plans to use the funds to expand its workforce to around 75 employees by next year and to grow its operations in Europe, North America, and the Asia-Pacific region.

Founded in 2020 by Lukky Ahmed and Kamil Kluza, Climate X provides a SaaS platform that helps businesses assess and monitor climate risks to specific properties and buildings. The platform leverages a combination of Digital Twin technology, physics, and AI, supported by over 500 trillion data points, to model the future likelihood of 16 climate hazards across eight warming scenarios over a 100-year time horizon. Clients include financial institutions and asset managers such as Legal & General, CBRE, Virgin Money, and Federated Hermes. The funding will also facilitate the expansion of Climate X's New York office to meet growing demand.