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Mitiga Solutions secures €13.25 million Series A funding to pioneer AI-driven climate risk modeling

18th May 2023 - Author: Akankshita Mukhopadhyay

Mitiga Solutions, a Barcelona-based climate-tech company specializing in science-based risk modeling, has successfully raised €13.25 million in a Series A funding round.

european-economyThe investment, led by Kibo Ventures in collaboration with Microsoft Climate Innovation Fund, Nationwide Ventures, Faber Ventures, and CREAS Impacto, will enable Mitiga Solutions to establish itself as the market leader in Climate Score, providing companies with essential tools to assess, measure, and report climate hazard-associated risks.

The funding will also support the expansion of its physics-based models, which aim to prevent natural hazards from escalating into disasters.

“We’re on a mission to prevent natural hazards from becoming disasters and push the boundaries of how risks are managed and mitigated. But most importantly, we want to make the world a more resilient and safer place under a changing climate,” Dr. Alejandro Martí, CEO and Co-Founder of Mitiga Solutions, said.

Mitiga Solutions, founded in 2018 as a spin-off of the National Supercomputing Center in Barcelona, combines AI and high-performance computing (HPC) to enhance prevention, resilience, and adaptive capacity to climate-related hazards.

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Under the EU Taxonomy, all regulated market-listed companies and EU-based entities with at least 500 employees must report the physical risk impacts associated with climate change adaptation and mitigation.

To ensure they do not cause significant harm to the environment, companies are required to conduct climate risk vulnerability assessments. Mitiga Solutions’ cutting-edge risk models align with the state-of-the-art physics-based modeling defined by the IPCC, moving beyond conventional tools that rely solely on past events, the company said.

“There is a lot of potential and resilience in climate technology. We have been impressed by what Alex and the team have built; a proprietary state-of-the-art technology with multiple applications. We are delighted to support Mitiga with its vision to become a category leader while helping to reduce climate change disasters,” Javier Torremocha, Co-Founder and Managing Partner at Kibo Ventures, added.

Mitiga Solutions has demonstrated its commitment to innovation and collaboration by joining Microsoft’s Startup Program in 2020 and subsequently participating in the Founder’s and Fast-Track programs.

“The ability to predict and manage the effects of climate-related hazards is a critical need to adapt to a changing ecosystem. Mitiga’s use of AI and high performance computing is a valuable tool to assess climate-related risk across a variety of hazards to mitigate threats and build a more resilient future,” Brandon Middaugh, Senior Director, Microsoft Climate Innovation Fund, said.

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