Climate Alpha, a Singapore-based artificial intelligence (AI)-driven analytics platform for the real estate, asset management and insurance industries, has closed a $5 million seed round led by Jungle Ventures.
The duo said in a statement on Thursday that the funding was part of Jungle Ventures’ newly launched First Cheque@Jungle bespoke program for seasoned operators or second-time founders.
It also aims to work with major asset managers to establish a global fund to invest in climate-resilient real estate, while distributing data to customers via API and Snowflake to enhance accessibility and usability.
Asia will also become more central to the business given the region’s dual role as both a driver of climate change and a hotspot for climate-related risks.
“We plan to raise a Series A round in the first half of 2024 to pursue our ambitious agenda to leverage satellite and other proprietary geospatial datasets, build a comprehensive
global resilience index and expand our offerings to investors in public markets,” said Climate Alpha Founder Dr. Parag Khanna.
“Jungle has proven it can back deep tech companies with applications across many sectors and relevance around the globe,” he added.
Climate Alpha was founded in 2022 by Khanna, a globally recognized expert in geography and globalization, with early support from the Singapore government.
The firm was founded with the ambition to fuse data science, climate modeling and finance to promote sustainable investment.
Operating at the intersection of AI, climate and finance, Climate Alpha uses geographic information system (GIS) data and economic modeling to deliver a comprehensive solution for navigating accelerating climate volatility.
Leveraging fragmented public and private data streams, along with proprietary machine learning algorithms, the platform generates robust forecasts of the financial impact of climate risks, guiding investments toward more resilient assets.
Climate Alpha distinguishes itself from the majority of climate tech companies focused on tracking and mitigating greenhouse gas emissions.
Instead, it is positioned as a pioneer in adapting to climate change by offering data-driven roadmaps to construct more resilient portfolios.
This forward-looking approach has helped Climate Alpha garner strong early customers from some of the world’s most prestigious institutional investors including Oaktree Capital and BentallGreenOak, as well as several of North America’s largest pensions.