Today BirdsEyeView, a European Space Agency-backed insurtech startup, has closed an investment round of an undisclosed seven-figure sum led by the European Space Agency, Big 5 Investors, InsurTech NY and ACF Investors.
The insurance industry is grappling with a new reality where annual losses attributed to climate change regularly exceed $100 billion annually.
Traditional insurance approaches have proven inadequate to cover the mounting losses from climate-induced extreme weather changes.
BirdsEyeView's RAPTOR™ technology addresses this by automating manual underwriting processes and delivering usable access to powerful natural catastrophe analytics and models at the quotation stage. This enables a more precise and efficient risk selection process.
James Rendell, CEO and Founder of BirdsEyeView, shared:
"This capital injection will fuel growth in the London and US property and casualty markets, and accelerate the development of our exposure management and natural catastrophe modelling capabilities.
This progress will be critical for improving the speed and quality of underwriters risk selection and exposure management, considering the increasing frequency and severity of global climate change-induced natural disasters."
According to Tim Mills, Managing Partner, ACF Investors:
"We're delighted to be a part of BirdsEyeView's remarkable journey towards reshaping the sophistication and efficiency of the insurance industry. James and the team are delivering solutions that bring big benefits to insurers and their clients alike and add to the resilience of the market overall.
BirdsEyeView's RAPTOR™ technology, in particular, offers a vital tool in addressing the growing challenges posed by climate-induced risks."
This latest investment, for an undisclosed seven-figure sum, will be used to drive growth in the UK and US markets and further develop BirdsEyeView's RAPTOR™ technology, which is set to democratise insurers' access to NatCat modelling, exposure management, and underwriting automation.
Lead image: James Rendell, CEO and Founder of BirdsEyeView. Photo: Uncredited.