Wednesday 06 November 2019

Earth science AI startup Cervest raises £3.7m

Cervest logoLondon-based earth science startup Cervest has raised £3.7m in a pre-Series A funding round led by Future Positive Capital with co-investor Astanor Ventures and participation from the National Institute of Agricultural Botany. The oversubscribed round exceeded its initial target of £2.5m and takes total funding to date to c.£4.5m. As part of the deal, Future Positive Capital’s founder Sofia Hmich and Astanor Ventures’ co-founder George Coelho have joined Cervest’s board.

Cervest was founded by CEO Iggy Bassi in 2016 with the intention of using research-led machine learning to help predict and quantify climate impacts on land-based processes and assets. Its platform combines research and modelling techniques taken from atmospheric science, meteorology, hydrology and agronomy with AI, machine learning, satellite imagery and Bayesian statistics to identify early-warning signs of events such as floods, fires, and strong winds, and can detect changes in soil health and areas of water risk. A beta version of the platform is scheduled to launch in Q1 2020.

The platform will initially focus on the requirements of risk practitioners in the financial, insurance, government and consumer packaged goods sectors. It is on target to have the whole of Europe mapped ahead of the beta launch and will then look to complete mapping the rest of the world. The platform has already been tested with a number of companies, including Syngenta, McVitie’s and Lantmännen, which is helping Cervest refine its algorithms.  

The company, which was recently accepted in the UK TechNation and Creative Destruction Lab AI programmes, aims to use the latest investment to grow the business by hiring new talent, securing new customers and continuing to generate proprietary data assets.

Understanding the impact of climate change and climate volatility will be vital for policy makers and decision makers across the private and public sectors. The risks caused by climatic and natural capital fluctuations are vast and, as the world seeks to address and manage the many pressing environmental problems it faces, we expect to see interest in technology that can help mitigate these risks and optimise investment to be in high demand.

Posted by: Dale Peters

Tags: funding   startup   satellite   environment   earth   climate  

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