ESA-backed insurtech space startup BirdsEyeView secures ‘seven-figure’ funding

London-based BirdsEyeView, an insurtech space startup backed by the European Space Agency, has secured a seven-figure investment in a fresh round of funding.

The startup leverages satellite data to design insurance solutions for severe weather events and offers SMEs access to weather-based parametric insurance products.

Investors supporting BirdsEyeView

The round was led by the European Space Agency, Big 5 Investors, InsurTech NY, and ACF Investors.

Tim Mills, Managing Partner at ACF Investors says, “We’re delighted to be a part of BirdsEyeView’s remarkable journey towards reshaping the sophistication and efficiency of the insurance industry.”

“James and the team are delivering solutions that bring big benefits to insurers and their clients alike and overall add to the resilience of the market. BirdsEyeView’s RAPTOR technology in particular offers a vital tool in addressing the growing challenges posed by climate-induced risks.”

ACF Investors, launched in 2011, is a VC fund working with business angels to support high-potential SMEs in the UK. The firm has backed 116 companies, including Ebury and Gousto and has provided over £75M in direct investment.

What does BirdsEyeView offer?

As reported by Bloomberg, the insurance industry faces an emerging reality with annual losses from climate change surpassing $100B. Traditional approaches prove insufficient in handling the escalating losses from climate-induced extreme weather changes. 

This is where BirdsEyeView looks to make a difference. The company’s RAPTOR technology intervenes by automating manual underwriting processes, providing accessible Nat Cat analytics and models during the quotation stage.

This addresses critical elements for efficient risk selection, offering a more precise and effective risk management process in response to climate challenges.

Dr. Albert Dow, CTO of BirdsEyeView “When developing RAPTOR, we took a thoughtful approach, reimagining an underwriter’s workflow. We asked ourselves how technology and data could enhance and streamline the underwriting process. RAPTOR was born from this vision. 

“By integrating these tools into an end-to-end software solution, we empower underwriters to focus on applying their expertise in risk assessment,” adds Dr. Dow.

Capital utilisation

BirdsEyeView says that the funds will fuel expansion in the UK and US markets and enhance the development of its RAPTOR technology, aimed at democratising insurers’ access to NatCat modeling, exposure management, and underwriting automation.

James Rendell, CEO and founder of BirdsEyeView says, “This capital injection will be used to fuel growth in the London and US Property and Casualty markets and to accelerate the development of our Exposure Management and natural catastrophe modelling capabilities.”

“This progress will be critical for improving the speed and quality of underwriters risk selection and exposure management — critical considering the increasing frequency and severity of global climate change-induced natural disasters,” adds Rendell.

BirdsEyeView claims that the latest funding follows a period of growth since the launch of its product in 2022. This growth is highlighted by strategic partnerships with global insurers and brokers, including Liberty Specialty, Arch, Convex, Ark, Everest Re, Fidelis, and several others.