One Concern, a US-based provider of software that predicts human disasters, received $15m of funding from insurance firm Sompo Holdings today.
Founded in 2015, One Concern has developed artificial intelligence-driven technology to help local policymakers predict the probable impact of seismic and flooding catastrophes using geospatially-positioned data.
The funding is part of a multi-year strategic partnership with Sompo, which plans to licence One Concern’s technology in Japan having employed it in a pilot project in Kumamoto City.
One Concern has now raised $75m altogether including $37m of series B funding disclosed in the latest announcement, from investors including Sompo and SB Energy, a renewable energy-focused subsidiary of telecommunications and internet conglomerate SoftBank.
The series B round closed in 2019 and was co-led by New Enterprise Associates (NEA) and Sozo Ventures with participation from Plum Alley Investments.
The company had already secured $20m in a 2017 series A round led by NEA and backed by Geodesic Capital and various angel investors, after a seed round featuring insurance firm American Family at an undisclosed date, according to Carrier Management.