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Climate X Secures $18M Series A Funding Led by Google Ventures to Expand Climate Risk Platform

Climate X raises $18M led by GV to expand its climate risk data platform and help financial giants price climate impacts
June 27, 2024

London-based Climate X, a startup specializing in climate risk intelligence, has successfully raised $18 million in Series A funding. Leading the round was Google Ventures (GV), with additional backing from Pale Blue Dot, CommerzVentures, A/O, Blue Wire Capital, PT1, Unconventional Ventures, and Western Technology Investment (WTI).

Climate X is on a mission to assist the world’s top financial organizations in pricing the impacts of climate change on their physical asset portfolios. With this fresh influx of capital, the company aims to accelerate its expansion across Europe, North America, and the Asia-Pacific region.

A significant portion of the funding will be used to expand the commercial team in Climate X's recently established New York office. This expansion aims to meet the growing demand from major financial institutions, global asset managers, and real estate investors in the region. Additionally, the company plans to enhance its platform by integrating more data sources to stay ahead of evolving commercial and regulatory needs.

Roni Hiranand, Principal at GV, expressed strong confidence in Climate X: “Climate X is a game-changer that accurately quantifies and addresses the impact of climate risk. We’re impressed with Kamil Kluza and Lukky Ahmed’s deep expertise in corporate risk management and believe they have the right skill set to create a next-generation climate risk intelligence product. We’re excited to support the Climate X team as they work towards a vision of becoming the backbone for all climate risk-related decision-making within financial organizations.”

Paul Morgenthaler, Managing Partner at CommerzVentures, highlighted the urgent need for Climate X's solutions: “With the escalating risk of floods, heatwaves, wildfires, and other climate impacts, physical risks to properties are growing exponentially. Real estate as the world’s largest asset class is increasingly mispriced. Climate X provides one of the very few tools to quantify them adequately while enabling ROI-based adaptation for individual properties.”

Heidi Lindvall, General Partner at Pale Blue Dot, emphasized the company's leadership in the sector: “With climate adaptation high on everyone’s agenda, the demand for the most comprehensive tech solution remains more critical than ever. Climate X has proven to be the superior choice in this space and, with their deep domain expertise, they are best positioned to successfully serve the financial services market.”

Founded by Lukky Ahmed and Kamil Kluza, Climate X leverages over 30 years of combined experience in corporate risk management. Ahmed has led stress testing and risk transformation initiatives for organizations such as HSBC Bank and Lloyds Banking Group. Kluza has modeled risk for firms including Barclays, MUFG, and Accenture, and played a key role in designing the first-ever tranche of coco bonds.

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