US-based weather analytics software provider Jupiter has secured $23m in a series B round led by Energize Ventures, the venture capital vehicle formed by power producer Invenergy.
The round included insurance group MS&AD Holdings, insurance firm QBE, environmental consulting firm SystemIQ, insurance risk-focused investment manager Nephila, venture capital firms Data Collective and Ignition Partners, and unnamed private equity executives.
Jupiter has developed an artificial intelligence-equipped platform called ClimateScore that uses data to predict the probability and impact of climate-related catastrophes like floods, fire, heatwaves, droughts and storms.
The company also offers commercial services that help asset owners in critical infrastructure, energy, real estate, financial services, insurance and the public sector with tasks such as site selection and design, critical infrastructure planning, equipment ratings, zoning and building code creation.
Proceeds from the round will be used to fund Jupiter’s international expansion plans. It had previously raised $10m in funding, securing an undisclosed sum in an April 2017 seed round led by Data Collective, which returned for a series A led by Ignition and sized at more than $8m.
John Tough, investing partner at Energize Ventures, said: “Driven by the growth of extreme weather events, our critical infrastructure partners are now proactively seeking highly tailored and actionable resiliency management technology solutions.
“Our market research yielded corporate customer, government and financial institution endorsements for Jupiter’s scientifically advanced, AI-enabled, high resolution asset-level predictions. We are confident that Jupiter is already becoming the global standard for predicting the risk to both the infrastructure sector and the broader economy.”