Previsico, the live flood alert ClimateTech, has announced that it has completed its latest funding round, at a significantly higher valuation than the prior one in August 2021. This round wasled by VC investor 24Haymarket (24H) and supported by the Foresight Group (Foresight), a leading infrastructure and private equity investment manager. The exact amount has not been specified by the company.
The investors recognised the traction that Previsico has gained with major corporations,such as Network Rail, National Grid, and The Guinness Partnership, and leading insurers, such as Zurich, Liberty Specialty Markets, and Generali, along with the huge commercial potential forits world-leading live flood forecasting technology and its ability to have substantial, positive environmental and social impact. They were also impressed with the technical and commercial expertise of the management team.
Flooding continues to be the most common and costly natural hazard in North America, with floodrelated hazards causing more than $85 billion in damage and economic losses in 2021 alone.
Previsico’s next generation live flood forecasting solution brings together the latest weather data from the Met Office, IoT devices on the ground, and its advanced flood modelling capabilities to address the increasingglobal issue of surface water flooding for insurers, the public sector, and major corporate clients and SMEs.
Paul Hewitt, 24H Investor Director, said: “Previsico’s flood forecasting technology provides users with early warnings to take preventative action to reduce damage and losses from flood water. The value proposition to its customers stretches beyond loss mitigation and importantly reduces the negative social impact of flooding. We are thrilled to support Previsico’s CEO Jonathan Jackson and his wider team on this exciting journey.”
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