Draper Esprit leads $30m Series A in Climate Intelligence platform, Cervest
Draper Esprit is delighted to lead a US$ 30 million Series A round in the creator of the world’s first AI-powered Climate Intelligence (CI) platform, Cervest.
Draper Esprit was supported in the round by current investors Astanor Ventures, Lowercarbon Capital and Future Positive Capital (part of the Draper Esprit fund of funds programme) as well as new investors UNTITLED, the venture fund of Magnus Rausing, and TIME Ventures, the venture fund of Marc Benioff.
Cervest developed a first-of-its-kind automated Climate Intelligence platform, powered by the company’s groundbreaking Earth Science AI technology. Built through extensive, peer-reviewed research over the last five years, the platform combines public and private data sources (i.e. NOAA, ECMWF, CMIP6), machine learning, and cutting-edge statistical science to present a unified view of climate risk that’s never before been possible.
Cervest plans to use the financing to move into the US and European markets.
Vinoth Jayakumar, Partner at Draper Esprit, said:
“Climate Tech has grabbed a lot of attention recently, with good reason. But solutions come from understanding the problem – Climate Intelligence is a new $40 billion market category which seeks to provide us with answers. Cervest's pioneering approach to quantifying risk, in a way that was never before possible, means we can better understand the economics of the problem and bring real-world market solutions to bear. We believe Iggy and the team's deep science approach will provide the foundations of the Climate Intelligence market.”
Iggy Bassi, Founder and CEO of Cervest, said:
“Climate Intelligence is business Intelligence for managing climate risk. Climate volatility has thrown us into a new era where Climate Intelligence needs to be integrated into all decisions. Organizations that fail to do so risk being blindsided by climate events such as the recent floods and fires in Australia, the droughts in Europe, and the winter freeze in Texas. By using EarthScanTM to baseline, monitor, and forecast risk, organizations can take action to protect their assets and navigate toward a more resilient future.”