US tech startup ClimateAi, an enterprise climate resilience platform, has raised $22m in funding in a Series B funding round.
Four Rivers Group led the round, which saw participation from Neotribe’s Ignite fund and Yaletown Partners.
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ClimateAi’s existing investors including Radical Ventures, Neotribe Seed Fund, and Academy Investor Network, also joined the round.
Set up in 2017, ClimateAi provides actionable weather, climate, and water insights to businesses using machine learning and data inputs from various sources.
The technology can be used to choose new sites for specific crops, and expansion of manufacturing facilities and commodities.
It can also help in assessing risks associated with an investment portfolio in terms of climate and water, better-managing inventory to prevent shortages and predicting pressure from specific pests or diseases to devise a commodity sourcing strategy.
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By GlobalDataClimateAi’s customers range from processors and packers to seed and chemicals inputs companies, and financial institutions to manufacturers.
Along with low-income nations in the Global South where climate adaptation is of the utmost urgency, the startup will use the financing to expand into new geographies, such as India and Japan.
The proceeds will also be used to expand ClimateAi’s team and support further development of artificial intelligence (AI) technologies.
ClimateAi CEO and co-founder Himanshu Gupta said: “Our platform creates unparalleled climate intelligence, reducing long-term forecast uncertainty by average 85% relative to best-available alternatives, generating significant alpha to incentivize companies to act now on climate change.”
Four Rivers managing partner Farouk Ladha said: “With Four Rivers’ deep experience in helping build SaaS companies, we see a significant market opportunity for ClimateAi’s technology and believe that the team and its product are extremely well-positioned to seize the moment in the world of climate change that calls for more AI.”
