Flood forecaster Previsico has secured new funds as it aims to accelerate growth in Europe and enable US expansion.
The firm secured a capital injection back in 2021, however this amount is understood to be significantly greater, as they look to tap into the huge commercial potential for its live flood forecasting technology and its ability to have substantial, positive environmental and social impact.
Previsico’s FloodMap Live software is used to make it easier for UK insurers to help customers mitigate potential losses arising from floods, by bringing together weather data from the Met Office and advanced flood modelling capabilities to address the global issues of surface water flooding.
David Marock, Previsico chairman, claimed that the funding round – led by investor 24Haymarket and supported by the Foresight Group – represented a “vote of confidence in our vision, which will enable us to build on our success to date here in the UK while also expanding into the US.
“[It] fuels our excitement and commitment to enhancing resilience by predicting and mitigating flood impacts globally,” he said.
Paul Hewitt, 24Haymarket Investor Director, concurred with Marock’s optimistic outlook. He said, “Previsico’s flood forecasting technology provides users with early warnings to take preventative action to reduce damage and losses from flood water.
“The value proposition to its customers stretches beyond loss mitigation and importantly reduces the negative social impact of flooding. We are thrilled to support Previsico’s CEO Jonathan Jackson and his wider team on this exciting journey.”
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