The planet is experiencing an unprecedented rate of global warming, unseen in the past 10,000 years. Over the last century, human activities have significantly contributed to the rise of carbon dioxide emissions in the atmosphere, leading to a one-degree Celsius increase in the average surface temperature of the Earth.
Mitiga Solutions, a climate tech startup based in the UK and Spain, takes on the challenge of accelerating global warming by harnessing the power of high-performance computing (HPC), artificial intelligence (AI), and scientific expertise.
$13M Series A
In a recent development, Mitiga Solutions has secured €13 million in Series A funding led by Spanish VC Kibo Ventures that backed medtech Accurable and HRtech Circulor, alongside Microsoft Climate Innovation Fund, Nationwide Ventures, Faber Ventures, and CREAS Impacto.
The funding will enable Mitiga Solutions to become the market standard for Climate Score, providing companies with the necessary tools to assess, measure and report climate hazard-associated risks while scaling the use of its physics-based models to help prevent natural hazards from becoming disasters.
Furthermore, the funding will also be used to expand its science and business team worldwide, invest in its cloud architecture and security, and continue pushing the envelope of climate science. Mitiga expects to grow its revenue over 3x in 2023.
Dr. Alejandro Martí, CEO and Co-Founder of Mitiga Solutions, commented, “We’re on a mission to prevent natural hazards from becoming disasters and push the boundaries of how risks are managed and mitigated. But most importantly, we want to make the world a more resilient and safer place under a changing climate.”
Javier Torremocha, Co-Founder and Managing Partner at Kibo Ventures added, “There is a lot of potential and resilience in climate technology. We have been impressed by what Alex and the team have built; a proprietary state-of-the-art technology with multiple applications. We are delighted to support Mitiga with its vision to become a category leader while helping to reduce climate change disasters.”
Brandon Middaugh, Senior Director at Microsoft Climate Innovation Fund, added, “The ability to predict and manage the effects of climate-related hazards is a critical need to adapt to a changing ecosystem. Mitiga’s use of AI and high-performance computing is a valuable tool to assess climate-related risk across a variety of hazards to mitigate threats and build a more resilient future.”
Aids in understanding climate risks
In 2018, Alejandro Marti and Mauricio Hanzich co-founded Mitiga Solutions with a team of 30 employees, 40% of whom hold PhD degrees.
Mitiga Solutions takes into account various dynamic factors, including weather and geophysical conditions, to provide a more comprehensive evaluation of the impact of natural hazards resulting from climate change. This approach enables better risk analysis over time, empowering insurance companies, real estate firms, and financial institutions to gain a deeper understanding of risks and uncertainties.
The company has made significant contributions to the field, publishing over 300 peer-reviewed papers and leading more than 50 European grants. Through its participation in research and development projects, Mitiga Solutions has contributed over €500 million and collaborated with 400 partners globally.
Notable clients of Mitiga Solutions include insurance companies such as AXA Climate and Howden Group, asset managers and operators like Group Suez, INDRA, Safran, as well as governmental organizations like EUROCONTROL, UNDP, and non-profit organizations like the Danish Red Cross.
