Geosapiens, a Canadian company specialising in flood risk modelling and analysis, has closed its first round of financing with an investment from Co-operators.
Founded in 2017, Geosapiens’ mission is to develop solutions to “Increase society’s resilience to the vagaries of the weather.”
Geosapiens markets web-based products and services that provide dynamic and predictive flood mapping and an assessment of flood impacts on property and people. Geosapiens’ products also include financial modelling of flood risk at the building level.
This investment will allow Geosapiens to deploy its flood mapping model across Canada by the end of 2022. With comprehensive coverage of the country, Geosapiens will adequately meet the needs of its customers in the insurance industry, which plays a vital role in sharing risk with the public and government authorities.
Hachem Agili, CEO and co-founder of Geosapiens, said, “This strategic investment from such an important player in the Canadian insurance industry represents an important milestone for Geosapiens. It will enable us to accelerate the deployment of the most accurate flood model in Canada, helping our clients to better prepare for risks thanks to accurate and reliable information.”
Clément Brunet, vice president of P&C business intelligence at co-operators, said, “As climate-related risks increase in frequency and severity, it’s crucial that we focus on building more climate-resilient communities.”
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