Jupiter, a provider of predictive data and analytics for climate risk, has raised additional capital from P&C insurers Liberty Mutual and MS&AD, as well as from SYSTEMIQ, which specialises in sustainable economic systems.
Jupiter plans to use the new capital to fuel the expansion of its operations and increase product development.
“In light of ongoing threats to life and property stemming from hazards like worsening heat waves, storms and wildfires, it’s urgent for entire industries to anticipate their future risk from a rapidly changing climate,” said Rich Sorkin, CEO and Co-Founder of Jupiter.
“With the support of industry leaders including Liberty Mutual and MS&AD, Jupiter will continue to deepen our analytics to help customers make complex financial decisions as they emerge from a global economic crisis.”
Last year, Jupiter raised $23 million in a Series B round of funding with participation from Mitsui MS&AD, QBE and Nephila, among others.
The firm also has a collaboration underway with Liberty Mutual in the form of a pilot with the construction industry to develop new and enhanced risk management solutions.
“As a global insurer, we see the impact of climate change firsthand as we support our insurance customers in building resiliency and understanding risk,” said Brendan Smyth, Senior Vice President, Global Risk Solutions, Liberty Mutual.
“Our partnership with Jupiter allows us to better meet the complex risk management needs of our commercial clients by understanding how to successfully identify, mitigate and manage climate-related risks with new insurance products and services.”
Tak Sato, General Manager of Innovation Office at MS&AD Insurance Group Holdings, also commented: “MS&AD has been working with Jupiter for over a year and is already seeing the benefits of our partnership with the recent launch of MS&AD’s climate services in Japan.”
“We are excited to have the opportunity to increase our investment as part of the successful and steadily growing relationship with Jupiter in both Japan and our global network of 47 countries.”
And finally, Irena Spazzapan, Partner and Investment Lead at SYSTEMIQ, stated: “As strategic investors, SYSTEMIQ is excited to work with Jupiter’s world-class team to bring their predictive modelling tools to climate-vulnerable countries around the world.”
“We see major opportunities in the ability to predict and, therefore, prevent fires across the tropical belt, especially in South East Asia where peatland fires can cost the economy billions of dollars in one dry season, emit huge amounts of carbon and destroy lives and livelihoods,” Spazzapan added.
“Jupiter’s world-leading physical risk analytics are critical to building resilience and safeguarding these economies for decades to come.”