Climate adaptation company Floodbase whose services covers the provision of data and analysis regarding flooding and flood risk has secured $12 million in its recent Series A funding round led by Lowercarbon Capital. Other investors who participated include Collaborative Fund, Vidavo, and Floating Point.
The New York based company which is under the leadership of Bessie Schwarz, the CEO revealed its intention to make universal parametric flood insurance policies accessible globally. The objective making this policy available worldwide is to protect consumers, and encourage climate change adaptation.
As a climate adaptation technology company, Floodbase’s core operation involves the provision of accurate, near-real time data and analysis on everything flooding and flood risks.
The accurate prediction from Floodbase helps to generate valuable proactive systems for locations lacking adequate insurance. This prediction also gives timely assessment of flooding events to produce the most informed parametric policy payouts. The accuracy of this prediction is predicated on a combination of satellite imagery, historical data, and modeling.
Floodbase achieves its precision thorough the use of 15 satellites, machine learning, and available data on the ground which its technology aggregates to avail governments and insurance companies with reliable information to ensure proactive preparation for floods and the establishment of effective recovery protocols to combat flooding.
As originally reported in
https://www.finsmes.com/2023/01/floodbase-raises-12m-in-series-a-funding.html
