Humans have made numerous uninformed climate decisions over the last century. Despite the decarbonisation practice, climate volatility is locked in for decades to come. To mitigate the consequences in the upcoming years, we have to make climate-intelligent decisions collectively.
Based in London, Cervest seeks to help enterprises, financial services companies, and governments quantify climate risk down to the asset level.
Recently, the company raised a $30M (approx €24.6M) Series A round led by Draper Esprit.
Other investors, including Astanor Ventures, Lowercarbon Capital (Chris Sacca), UNTITLED, Future Positive Capital, and TIME Ventures, also participated in the oversubscribed round. To date, the company has raised $36.2M (approx €30M).
The company will use the financing to accelerate its expansion into the US and European markets.
How did it all start?
Iggy Bassi, while operating a sustainable agribusiness in Ghana, struggled to find the scientific data to explain the increasingly volatile weather events causing bad harvests.
While locals dismissed it as an “act of God”, Bassi had different thoughts, if only there was a way to break down climate risk for individual businesses. After selling his agribusiness, Iggy created Cervest in 2015.
He collaborated with Imperial College London and the Alan Turing Institute to combine climate and statistical science into meaningful climate insight. And this is the foundation of Cervest’s AI-powered Climate Intelligence platform.
Democratising access to Climate Intelligence
Cervest claims to be a mission to democratise access to Climate Intelligence, driving a shared responsibility to protect the world’s critical assets.
The company offers cloud-based Climate Intelligence (CI) to enable organisations to manage and adapt to climate risk at an asset level.
The AI platform provides a standardised, science-based view of climate risk, analysing millions of global assets across multiple time horizons and risk categories.
The UK company’s first product – EarthScan, gives users on-demand access to current, historical, and predictive views of how combined risks such as flooding, droughts, and extreme temperatures can impact the assets they own or manage.
“Climate Intelligence is business Intelligence for managing climate risk,” said Iggy Bassi, Founder and CEO of Cervest. “Climate volatility has thrown us into a new era where Climate Intelligence needs to be integrated into all decisions. Organisations that fail to do so risk being blindsided by climate events such as the recent floods and fires in Australia, the droughts in Europe, and the winter freeze in Texas. By using EarthScanTM to baseline, monitor, and forecast risk, organisations can take action to protect their assets and navigate toward a more resilient future.”
Certified B Corporation
Last month, Cervest received an official Certified B Corporation certification. Notably, Certified B Corporations are for-profit companies that use the power of business to build a more inclusive and sustainable economy.