Climate analytics and technology driven risk modelling firm Reask, has raised a total of $6.55m in investment funding, with its most recent seed round reaching $4.6m.
With its latest funding, Reask will add more hazard coverage and grow its team internationally to better service customers, the company stated.
The latest seed round was co-led by Mastry Ventures and Collaborative Fund, with participation from Machdoch Ventures and existing pre-seed investor Tencent, alongside pre-seed investors SV Angel and Hawktail.
In January 2022 Reask closed a seed funding round led by Tencent, a global technology giant headquartered in China.
It was planned to be used for product development, operational expansion, and business development worldwide, including a focus on the London Market.
Reask provides high-resolution weather risk analytics and forecasting to calculate the severity and frequency of extreme weather events on earth, anywhere, anytime.
By applying AI across multiple sources of climate data, Reask delivers proprietary weather modelling algorithms that learn climate physics to offer dynamic forward-looking representations of atmospheric risk.
This approach, Reask explains, provides critical insights and intelligence to insurers and asset managers, which need more accurate weather catastrophe forecasting but are limited to unreliable and inadequate methods based on static historical statistics.
Tropical cyclones are a key focus for Reask and its technology. Over the last ten years, they have caused in excess of $1tn in total economic damage globally.
Less than 50% of those economic damages were insured, Reask noted. The severity of damage from tropical cyclones are projected to worsen with climate change, posing an alarming and growing threat to organisations worldwide, the company highlighted.
Jamie Rodney, CEO of Reask, said: “The ability to accurately forecast and measure the behaviour of tropical cyclones has always been extremely challenging, especially given their complex interaction with the climate and propensity to damage land-based observational equipment.
“Organisations need a clearer view on how extreme weather is changing, so they can adequately prepare for any impact to their physical assets, infrastructure, business models, and customers. Our goal is to bring this information more quickly and efficiently to people and industries so we can help those who need it most and before there is an urgent need for help.”
Guy Vidra, Partner at Collaborative Fund, added: “Our mission at Collab has always been to support businesses and technology that are pushing the world forward.
“Reask’s ground-up, physics based approach to climate analytics technology makes it possible to predict the outcomes and risks of extreme weather, allowing insurers to prepare themselves and others for the worst. We’re thrilled to support the Reask team as they continue to build out their capabilities.”
