Risk analytics start-up Climate X has raised £4.1 million in a seed funding round.

The London-based firm provides a platform, called Spectra, which allows firms to estimate the physical risks posed by climate change to their assets.

The round was led by CommerzVentures and A/O PropTech, who were joined by Voyagers Climate Tech Fund, Blue Impact Ventures, Deloitte LLP, and angel investors such as founding editor-in-chief of WIRED David Rowan, former director at La French Tech Kat Borlongan, and co-founder and former chief technology officer at Eventbrite Renaud Visage.

The start-up claims it can deliver location-specific risk ratings and loss estimates for extreme weather events linked to climate change through to the year 2100, under multiple global warming scenarios.

Climate X said it will use the new funding to service customer demand and expand its product offering.

In December 2021, the government pledged it will spend over £116 million to support British businesses that are developing new green technology to reduce carbon emissions, utility bills, and remove greenhouse gases from the atmosphere.


“Climate X is a standout example of a Climate FinTech that is solving a multi-trillion-dollar problem for the financial industry,” said Paul Morgenthaler, managing partner at CommerzVentures. “This exceptional team has produced a vital tool capable of delivering insights into climate change-related risks for global real estate.”

“They’re enabling decision-makers to place climate mitigation and resilience at the heart of their strategy, delivering the visibility that is essential to creating a sustainable business model.”

They added: “We look forward to working with the team as they accelerate their platform’s expansion internationally.”

Lukky Ahmed, co-founder and chief executive officer at Climate X, said “This investment accelerates our ability to scale our climate risk analytics solution, Spectra, and to smoothen the path for governments and businesses worldwide to use data they understand and trust to make multi-generational climate-informed decisions.”

He added: “We’re excited to enter the next phase of our journey with some of the best strategic investment partners in the world.”

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