Reask has announced that it has raised a total of $6.55 million in funding.
The most recent $4.6 million seed round was co-led by Mastry Ventures and Collaborative Fund, with participation from Macdoch Ventures and existing pre-seed investors Tencent, SV Angel, and Hawktail.
Reask provides high-resolution weather risk analytics and forecasting to calculate the severity and frequency of extreme weather events on Earth, anywhere, anytime.
By applying AI across multiple sources of climate data, Reask delivers proprietary weather modeling algorithms that learn climate physics to offer dynamic forward-looking representations of atmospheric risk.
This approach provides critical insights and intelligence to insurers and asset managers, which need more accurate weather catastrophe forecasting but are limited to unreliable and inadequate methods based on static historical statistics.
A key focus for Reask and our technology is tropical cyclones, which have caused in excess of USD $1 trillion in global economic damage over the last ten years. Less than 50% of those economic damages were insured.
The severity of damage from tropical cyclones is projected to worsen with climate change, posing an alarming and growing threat to organizations worldwide.
“The ability to accurately forecast and measure the behavior of tropical cyclones has always been extremely challenging, especially given their complex interaction with the climate and propensity to damage land-based observational equipment,” says Jamie Rodney, CEO of Reask.
“Organizations need a clearer view on how extreme weather is changing, so they can adequately prepare for any impact to their physical assets, infrastructure, business models, and customers. Our goal is to bring this information more quickly and efficiently to people and industries so we can help those who need it most and before there is an urgent need for help.”
“Ballooning industry loss rates, most recently underscored by State Farm & Allstate’s complete withdrawal from new policy issuance across home and commercial lines in California, illustrate why new approaches to extreme weather risk management must be adopted,” says Co-Founder and General Partner Sam Landman at Mastry Ventures.
“Reask’s team has spent years investing in their technology platform, which has now been validated by many of the world’s most sophisticated leaders in risk analysis. We’re excited to see the continued adoption of their product across the insurance and financial services industries and believe the company is well positioned to become the new standard.”
The global insurance industry directly requires more dynamic extreme weather forecasting to price risk. Other industries including financial services, logistics, real estate, and natural resources also need better climate models to analyze hazards.
With its latest funding, Reask will add more hazard coverage and grow our team internationally to better service customers in these growing markets.
Guy Vidra, Partner at Collaborative Fund said: “Reask’s ground-up, physics-based approach to climate analytics technology makes it possible to predict the outcomes and risks of extreme weather, allowing insurers to prepare themselves and others for the worst. We’re thrilled to support the Reask team as they continue to build out their capabilities.”
“I’m excited to continue working with Reask to develop innovative methods for better understanding and quantifying the risks of natural hazards like tropical cyclones [and wildfires],” says Daniel Swain, climate scientist at UCLA. “Using approaches deeply rooted in physical science are critical in producing reliable estimates that can keep up with a warming climate, so the Reask approach is one that’s designed for today’s challenges.”
Source link: https://reask.earth/2023/06/16/reask-announces-6-55m-total-seed-funding/
