No need to ask ‘y’ because London-based tech startup Climate X has unveiled a new solution to provide risk data and ratings for the world of climate data.
Climate X, which featured on our list of ‘10 Tech Startups to Watch in 2021’, says its product ‘Climate X Spectra’ will be available for customers to access from January 2022.
Lukky Ahmed, CEO and Co-Founder, Climate X, explains: “The world is changing faster than we’re adapting to it. Climate X delivers explainable, trustworthy and actionable data that helps governments, businesses and societies worldwide prepare for that future and become more resilient to the impacts of climate change – enabling a better future for everyone on this planet.”
The platform has a ‘glass box’ methodology “prioritising real science above black boxes that come from an over-reliance on artificial intelligence or machine learning”.
The firm works alongside academia and scientific advisors, and Climate X Spectra provides risk data and ratings that “meet regulatory expectations”.
Climate X Spectra uses remote sensing data taken from satellites, combined with the laws of physics and climate projections, into a ‘digital twin-Earth’ model.
The company senses plenty of opportunities. It notes that governments and central banks worldwide are deploying legislation and regulations requiring firms to assess and integrate climate risks as early as 2022.
On its website, the firm says it helps organisations in their drive to become more resilient to the impacts of climate change by quantifying, at an asset-level, the probability and severity of weather events decades before they happen.
Climate X was founded in December 2020 by Kamil Kluza and Ahmed. It secured £1.1 million funding in a pre-seed funding round. The tech startup is backed by various investors, including Pale Blue Dot, Possibilian Ventures, A100X, Blue Wire Capital and NewChic Capital.
The issue of climate change or similar issues has cropped up quite a bit recently.
Last month, impact tech startups in the UK raised £2 billion in investment in 2021 to deal with such global problems as climate change, health and food insecurity.
Analysis published by Dealroom for the UK’s Digital Economy Council shows that impact investment in the country is up from £1.7 billion last year, and has increased by 127% since 2018.
Also in November, at the United Nations Climate Change Conference (COP26) in Glasgow, the UK Chancellor outlined the government’s plans to make the nation the “first ever Net Zero Aligned Financial Centre”.
This ‘Net Zero Aligned Financial Centre’ means companies will have to publish a plan about how they will decarbonise and transition to net zero – with an independent taskforce to define what’s required.
The concept of climate data has captured the attention of other firms in the country. It’s not just about Climate X. London-based startup Sust Global recently announced a $3.2 million (£2.3 million) seed round.
By the way, eWeek UK analysed this theme in the feature ‘Sense and Sustainability: How Tech Is Mobilising for a Climate Change Future’.