ClimateTech spinout Previsico raises $2.4m in funding to boost growth in the US and Europe

The funding will accelerate Previsico’s growth in the US and Europe.

The investment in Previsico reflects the growing need for accurate flood forecasting solutions in the face of increasing climate change. Flooding is North America’s most common and costly natural hazard, with flood-related hazards causing more than $85bn in damage and economic losses in 2021 alone.

Previsico’s flood forecasting technology is used by insurers, the public sector, and major corporate clients to help them reduce the risk of damage and losses from flooding. The company’s solution combines the latest weather data from the Met Office, IoT devices on the ground, and its advanced flood modelling capabilities to provide accurate predictions of flooding events.

Jonathan Jackson, CEO of Previsico, said: “This vote of confidence in our vision and technology will enable us to accelerate our growth and expand into new markets. We are committed to helping our customers reduce the risk of flooding and build a more resilient world.”

Paul Hewitt, investor director at 24Haymarket, said: “Previsico’s flood forecasting technology is a vital tool for helping businesses and governments to mitigate the risks of flooding. We are excited to support Previsico’s growth and expansion into the US market.”

Anastasia Sagaidachna, investment manager at Foresight, said: “Floods are one of the most common and destructive natural hazards and are becoming more frequent. Previsico has developed the best-in-class flood forecasting model, which enables preventative action to be taken and damage to be reduced. We are excited to continue to support Previsico’s growth.”