Zesty.ai, a predictive data analytics service for climate risk, has received $10m in venture debt from US spend management decacorn Brex.
This financing will enable Zesty.ai to power its growth within insurance and expand into use cases in real estate, including financing and asset management.
Zesty.ai leverages AI to offer real-time assessments of climate risks associated with real estate assets and portfolios. Its technology assesses wildfires, wind, hailstorms, floods and other catastrophic events.
Its services are used by insurance companies to improve their underwriting and better rate homeowner and commercial home insurance policies.
Its partners include Amica, AON, Berkshire Hathaway, The California Fair Plan, Cincinnati Financial, Farmers Insurance and more.
In 2021, the company tripled its revenues, it said.
Zesty.ai founder and CEO Attila Toth said, “We’re at a major inflection point in the future of climate change that requires innovation in how we assess risk and respond to its effects.
“Zesty.ai is dedicated to helping our customers use the power of AI to better protect families, communities and their financial well-being. Brex Venture Debt lets us focus on our core mission and be flexible in how we scale our business.”
This funding is part of Brex Venture Debt, which Brex launched in August 2021 to help founders upgrade their businesses. It claims to differ from traditional bank offerings by giving customers longer terms and a faster due diligence process.
Zesty.ai previously raised $13m in its Series A funding round back in December 2018. The capital was supplied by Luxembourg-based investor Blamar and many others.
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