Barcelona-based Mitiga Solutions, a climate-tech company that improves prevention, resilience and adaptive capacity to climate-related hazards, announced on Thursday that it has raised €13.25M in a Series A round of funding.
The investment was led by Kibo Ventures along with Microsoft Climate Innovation Fund, Nationwide Ventures, Faber Ventures, and CREAS Impacto.
Brandon Middaugh, Senior Director at Microsoft Climate Innovation Fund, says, “The ability to predict and manage the effects of climate-related hazards is a critical need to adapt to a changing ecosystem.”
“Mitiga’s use of AI and high-performance computing is a valuable tool to assess climate-related risk across a variety of hazards to mitigate threats and build a more resilient future.”
Mitiga Solutions: Everything you need to know
According to NASA, the rate of global warming is at a level not witnessed in the last 10,000 years. The average surface temperature of the earth has risen by 1°C over the past century due to increased CO2 emissions brought on by human activities.
Since 1969, the ocean has warmed by over 0.33 degrees Celsius, absorbing about 90 per cent of the extra heat.
This is where Mitiga Solutions looks to make a difference.
Founded in 2018 by Dr Alejandro Marti and Dr Mauricio Hanzich, Mitiga Solutions helps insurance, real estate, energy, and financial industries comprehend and solve the risks and uncertainties of climate change by combining scientific models with “cutting-edge” technology.
The company uses experts from a variety of technical fields, including artificial intelligence (AI), High-performance computing (HPC), geophysics, and numerical weather prediction (NWP), to solve challenging environmental challenges.
Dr Alejandro Marti says, “Traditional risk management tools that rely on past events to predict the future are no longer sufficient, leaving businesses exposed, assets stranded, and reputations at risk.”
“As a business, we value transparency above all. This is why we work with our clients to quantify uncertainty and allow them to make informed decisions. Our risk models and climate score solutions are not black boxes and contribute to more resilient and adaptable businesses and societies.”
Mitiga Solutions has worked with eminent organisations to publish more than 300 peer-reviewed papers, directed more than 50 European funds, and contributed more than €500M to R&D initiatives with more than 400 partners internationally.
Its customers include AXA Climate Insurance, Howden Group, Willis Tower Watson, Safran, and INDRA, as well as governmental agencies like EUROCONTROL and UNDP, and non-profits like the Danish Red Cross.
As a spin-off of the National Supercomputing Center in Barcelona, currently, the company has a team of 30 spread across the UK and Spain, and 40 per cent of them have PhDs.
Capital utilisation
By giving businesses the tools needed to assess, measure, and report the risks associated with climate hazards, Mitiga Solutions claims it will use the money to establish itself as the industry standard for Climate Score.
The money will also be used to scale up the company’s risk modelling services, grow its research and commercial team internationally, improve the security and architecture of its cloud platform, and keep pushing the boundaries of climate science.
Mitiga Solutions will also scale the use of its physics-based models to help stop natural disasters from occurring.
Dr Alejandro Martí adds, “We’re on a mission to prevent natural hazards from becoming disasters and push the boundaries of how risks are managed and mitigated. But most importantly, we want to make the world a more resilient and safer place under a changing climate.”
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