Climate Analytics startup Risilience bags $26M to help global businesses transition to the low-carbon economy
Climate change is one of the biggest challenges of our times. According to various estimates, losses due to weather-related events have increased nearly ten-fold over the last four decades, from a ten-year global average of $12 billion in 1980 to $119 billion in recent years. This is not sustainable. As such, climate resilience is required to combat the growing costs and human toll of climate change.
It’s for this reason that Risilience, a climate analytics startup founded out of the University of Cambridge, is on a mission to help global businesses transition to the low-carbon economy. Risilience puts the power of risk science in the hands of global enterprises by translating data into actionable insights that enable companies to identify opportunities, future-proof business strategies and protect investor interests.
Today, Risilience announced it has raised a $26 million Series B funding round to expand its market-leading SaaS platform to serve clients at any stage of their decarbonization journey. The round was led by Quantum Innovation Fund, alongside existing investors IQ Capital and National Grid Partners.
Risilience will also use the fresh capital infusion to drive international expansion, with a specific focus on the US where pending SEC rules will require climate and risk disclosures.
Risilience was spun out of the Centre for Risk Studies at the University of Cambridge Judge Business School after identifying a growing need for science-based climate analytics. The Risilience platform turns data into actionable insights, empowering organizations to understand and quantify the scope, magnitude, and timescale of climate risk to their strategies and operations. This allows companies to measure and balance the potential financial impacts with the cost of transitioning their business to operate more profitably in a low-carbon economy.
Risilience works with some of the enterprise world leaders in transforming themselves for the low-carbon economy, including Nestlé, Burberry, Coca-Cola Europacific Partners, Reckitt, easyJet, and Tesco.
Risilience’s ‘digital twin’ technology enables businesses to stress test the impact of numerous transitional and physical risks on their organization including increasing regulation, potential litigation, and changing consumer sentiment, which together could reduce business value by up to 30 percent if companies fail to act.
In a statement, Risilience’s CEO, Dr. Andrew Coburn, said: “We believe that the road to net zero presents an opportunity as well as a risk for global enterprises and our unique combination of technology combined with world-class risk science supports our clients to mitigate risks, as well as capitalize on opportunities. With companies under increasing regulatory and shareholder pressure to understand, report and mitigate their potential climate impact, this additional equity funding will help us support them at each stage of their journey.”
By expanding its solutions and services, Risilience will help clients from initial climate-related disclosures through to full net-zero planning, tracking, and measurement, enabling them to make informed decisions in the low-carbon economy.
Quantum Innovation Fund, an affiliate of Quantum Energy Partners, provides equity capital to growing technology-enabled businesses in the climate and sustainability sector. Jeffrey Harris, Partner at Quantum Innovation Fund, said: “Risilience has demonstrated that its underlying technology platform allows large companies to better understand how best to transform their businesses and to meet the impact of climate change on their business models, supply chains, and financial performance while optimizing long-term capital allocation. The incremental capital provided in this financing round will enable the company to better support its growing list of clients, enhance the functionality of its software platform and expand its sales/marketing efforts.”
Kerry Baldwin, Co-Founder and Managing Partner at deep-tech investor IQ Capital, added: “We are delighted with the continued success Risilience has shown in terms of growth and the impact it is having on its existing client base. We look forward to their next stage.”
Risilience has been advised by Royal Park Partners as the exclusive financial and strategic advisor on the transaction.