Cambridge-based Risilience, a climate analytics firm, announced on Wednesday, February 1, that it has raised $26M (approximately €23.9M) in a Series B round of funding led by Quantum Innovation Fund.
Existing investors IQ Capital and National Grid Partners also participated in the round.
Risilience says the capital will allow it to expand its SaaS platform to serve clients on their decarbonisation journey and drive international expansion, focussing on the US, where pending SEC rules will require climate and risk disclosures.
Risilience: What you need to know
Risilience was founded as a spin-off of the Centre for Risk Studies at the University of Cambridge Judge Business School after realising a growing need for science-based climate analytics.
The platform turns data into actionable insights, enabling organisations to understand and quantify climate risk scope, magnitude, and timescale in their strategies and operations.
Risilience’s ‘digital twin’ technology enables businesses to stress test the impact of numerous transitional and physical risks on their organisation, including increasing regulation, potential litigation, and changing consumer sentiment. These could reduce business value by up to 30 per cent over the next five years if companies fail to act.
It allows companies to measure and balance the financial impacts with the cost of transitioning their business to operate more profitably in a low-carbon economy.
Currently, the company works with Nestlé, Burberry, Coca-Cola Europacific Partners, Reckitt, easyJet, and Tesco.
Risilience’s CEO, Dr. Andrew Coburn, says, “We believe that the road to net zero presents an opportunity as well as a risk for global enterprises, and our unique combination of technology combined with world-class risk science supports our clients to mitigate risks, as well as capitalise on opportunities.”
He adds, “With companies under increasing regulatory and shareholder pressure to understand, report and mitigate their potential climate impact, this additional equity funding will help us support them at each stage of their journey.”
Quantum Innovation Fund, an affiliate of Quantum Energy Partners, provides equity capital to growing technology-enabled businesses in the climate and sustainability sector.
Jeffrey Harris, Partner at Quantum Innovation Fund, says, “Risilience has demonstrated that its underlying technology platform allows large companies to understand better how best to transform their businesses and to meet the impact of climate change on their business models, supply chains, and financial performance while optimising long-term capital allocation.”