AI-based climate platform Cervest has raised $30 million in a Series A funding round.
Cervest said it seeks to help enterprises, financial services companies, and governments quantify climate risk down to the asset level.

The start-up said its platform combines public and private data sources with machine learning and statistics to present a unified view of climate risk.

The round was led by publicly traded venture capital firm Draper Espirit, alongside existing investors Astanor Ventures, Lowercarbon Capital, and Future Positive Capital.

New investors UNTITLED, the venture fund of multi-billion packaging heir Magnus Rausing, and TIME Ventures, the venture fund of Salesforce chief executive Marc Benioff, also participated.

This round brings Cervest's total funding to date to $36.2 million.

Cervest said it will use the capital to move aggressively into the US and European markets, using a “freemium” model, where the service can be trialled at no initial cost.

"Climate tech has grabbed a lot of attention recently, with good reason. But solutions come from understanding the problem – Climate Intelligence is a new $40 billion market category which seeks to provide us with answers," said Vinoth Jayakumar, partner and FinTech practice lead at Draper Esprit. "Cervest's pioneering approach to quantifying risk, in a way that was never before possible, means we can better understand the economics of the problem and bring real-world market solutions to bear.”

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