Insurtech startup BirdsEyeView has closed a seed funding round led by SFC Capital, with the funds matched by the European Space Agency (ESA).
In a release, the firm said that the funding will be used to grow the team, further develop BirdsEyeView’s tech and match ESA funding.
James Rendell, CEO and co-founder of BirdsEyeView: “We are very excited about working with SFC Capital to further develop our RAPTOR technology, which is going to help both insurers and policy holders get better and more accurate insurance services. SFC has a lot of experience working with early-stage start-ups and their knowledge will be very useful as we continue to develop the technology and grow as a business.”
BirdsEyeView structures weather-based events insurance products using its proprietary algorithmic underwriting engine, RAPTOR, with the objective of providing SMEs access to weather-based events insurance products. This technology uses meteorological data gathered by the likes of European Space Agency, NASA and this is then processed to structure parametric products (those based on the weather event itself instead of the potential losses of the policyholder).
It was in August 2021 that the firm was named as one of the 11 InsurTech startups joining the seventh group of the Lloyd’s Lab innovation accelerator programme, which focused on the development of simpler products and solutions targeting the cryptocurrency space.
