Bergen, Norway-based 7Analytics, a startup that uses Artificial Intelligence (AI) and Machine Learning (ML) to predict flood behaviour, announced on Thursday that it has raised $2.5M (approximately €2.5M) in a Seed round of funding.
The round was led by Momentum Partners with participation from Construct Venture, Link Capital, and Obos VC.
7Analytics says it will use the funds to create models for other natural risks such as landslides and biodiversity.
“If you look at the natural hazards on the global scale, flooding has the highest economic impact on society,” says Jonas Toland, co-founder of 7Analytics. “We need innovation to mitigate flood risk, so a flood prediction tool was an impactful starting point for us.”
7Analytics: What you need to know
7Analytics was founded in 2020 by geologists and data scientists to model and predict flood behaviour. The company’s first product, FloodCube, is used by various customers, including Bergen Municipality, Skanska – a contractor, and Multiconsult – a consulting engineer.
The product uses advanced terrain processing models, along with various other data sources, to create flood models that can be used by businesses and municipalities to plan and mitigate the impact of flooding.
In the US, 7Analytics has joined forces with StormGeo to address the rising damage costs by real-time flood prediction. The company says that Hurricane Ida alone caused an estimated $75B (approximately €77M) in damages.
“This partnership couples StormGeo’s precision weather forecasting with 7A’s cutting edge flood modelling, allowing business decision makers to leap from rainfall forecasts to actionable flood inundation forecasts that communicate how high the water will rise at their assets and operations. based on cutting edge flood modelling,” said Ken Carrier, VP Onshore, StormGeo.
“Increase in Climate Change and urbanisation causes new demands and a more complex risk picture for developers,” says Birgitte Molstad, Environmental Director at OBOS. “7Analytics provides a digital solution to assess and foresee climate-related risks and thus prevent unnecessary damage to buildings. We have faith in 7Analytics. And have already implemented their tool in several construction projects.”
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