Mitsui MS&AD, QBE and Nephila are among the Series B investors of predictive data and analytics startup Jupiter.
Founded in 2017, Jupiter announced recently that its Series B round of funding raised $23 million and stated the money would be put to work further expanding its climate risk-centred business.
“Influential investors from the U.S, EU, Asia and Australia highlight the global nature of Jupiter’s business and the rapidly growing demand for Jupiter’s broad portfolio of high-resolution, AI-enabled climate risk applications,” said Jupiter Co-Founder, Chairman and Chief Executive Officer, Rich Sorkin.
“Jupiter’s elastic exascale computing provides unlimited capacity, enabling hyper-local risk analyses for the entire planet.”
In addition to its expanded customer base in 2018, Jupiter has announced updates to its risk prediction products.
Its ClimateScore platform now combines data analytics with weather, hydroscience, heat, fire and climate models. It provides AI-driven clarity on climate risk, and incorporates machine-learning techniques. Ingesting data from ground-based and satellite sensors,
ClimateScore runs multiple linked prediction models on an elastic exascale computing platform, delivering hyper-local risk analyses on cloud-based supercomputers while never running out of computing capacity.
“With each passing year, it becomes clearer that the insurance industry must factor climate change into its underwriting and pricing practices. Climate change affects everything we do as a company,” said David McMillan, Group Chief Operations Officer at QBE.
“Jupiter and QBE are collaborating to improve underwriting and pricing processes and offer climate risk adaptation expertise to our customers.”
Barney Schauble, Chairman of Nephila Climate, added, “Nephila seeks to provide efficient capital solutions to weather and climate risks that affect all market sectors and economies globally.”
“We’re working to apply Jupiter’s state-of-the-art capability to predict extreme weather risks to businesses seeking protection, especially in the utilities and public sectors.”
