Flood forecaster Previsico has raised further funding, significantly higher than the prior one in 2021, which is aimed to accelerate growth in Europe and enable US expansion.
Flooding continues to be the most common and costly natural hazard in North America, with flood-related hazards causing more than $85 billion in damage and economic losses in 2021 alone.
These events weaken and destroy infrastructure, upend the livelihoods of families and businesses, and even cause chaos at sporting events, concerts, and festivals, like Burning Man.
Previsico’s FloodMap Live software is used to work with UK insurers to help customers mitigate potential losses arising from pluvial floods.
This solution brings together weather data from the Met Office, IoT devices, and advanced flood modelling capabilities to address the global issues of surface water flooding.
Investors have recognised the traction that the company has gained with major corporations, such as Network Rail, National Grid, and The Guinness Partnership, and leading insurers, such as Zurich, Liberty Specialty Markets, and Generali.
They have also seen the huge commercial potential for its live flood forecasting technology and its ability to have substantial, positive environmental and social impact.
David Marock, Previsico chairman, said the funding round – led by investor 24Haymarket and supported by the Foresight Group – represented a “vote of confidence in our vision, which will enable us to build on our success to date here in the UK while also expanding into the US.
“[It] fuels our excitement and commitment to enhancing resilience by predicting and mitigating flood impacts globally,” he said.
Paul Hewitt, 24H Investor Director, said: “Previsico’s flood forecasting technology provides users with early warnings to take preventative action to reduce damage and losses from flood water.
“The value proposition to its customers stretches beyond loss mitigation and importantly reduces the negative social impact of flooding. We are thrilled to support Previsico’s CEO Jonathan Jackson and his wider team on this exciting journey.”
