Climate change is real and countries around the world are taking steps to tackle the problem. However, governments and organisations also require ways to figure out climate change impacts on future projects. The London-based deep tech startup Cervest enables companies to assess climate change with its AI-powered Climate Intelligence (CI) platform. The startup has now raised a notable £22.1 million in its latest funding round.
“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. We believe Iggy and the team’s deep science approach will provide the foundations of the Climate Intelligence market.” Jayakumar will join Cervest’s Board of Directors.
Raising funds and expansion plans
The latest funding round for Cervest was led by Draper Esprit while current investors Astanor Ventures, Lowercarbon Capital and Future Positive Capital also participated in the round. New investors UNTITLED, Magnus Rausing’s venture fund, and TIME Ventures, the venture fund of Marc Benioff participated as well. With this latest financing, Cervest’s total funding comes up to £25.52 million....