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Correntics secures €1.5M to build next-gen agri-food climate-risk management platform

Correntics team
Picture credits: Correntics

Climate change and more extreme weather events have started to affect people and industries across the globe. Decisive measures have to be implemented to reduce greenhouse gas emissions. At the same time, we need to adapt to a changing environment with more natural disasters such as droughts, floods, and storms. 

This is where Zurich-based Correntics comes into the picture as it helps clients to future-proof their supply chains and improve their resilience in the face of climate change while ensuring the sustainability of business activities. The company is building a software solution that empowers companies to predict supply-chain disruptions from weather and climate extremes.

In a recent development, Correntics just snapped a €1.5 million Eurostar grant to lead the development of next-generation risk analytics capabilities for the agri-food sector.  

In recent times, we saw Treefera secure funding to bring supply chain transparency. Likewise, Trustrace also bagged funding.

Risk analytics for agri-food sector

With climate variability and extreme climate events posing a growing threat to the agri-food industry, the resulting platform will empower stakeholders at all levels of the industry to anticipate, address, and adapt to climate risks that affect their operations and supply chains. 

The platform builds on the company’s established climate-risk analytics software that predicts and quantifies physical and financial risks along agri-food supply chains. This core software draws on high-resolution weather and climate-risk models, crop and asset-specific risk analysis, and dynamic modeling of supply chain shocks.  

Others in the consortium

While Correntics will lead an interdisciplinary, multi-institutional consortium in developing the platform, additional members include Danish weather technology company Cordulus, the Danish Technological Institute, and the EClim Group at the University of Zurich.  

The platform integrates hyper-local weather observation and forecasting solutions provided by Cordulus. These support farm management and corporate stakeholders by improving the accuracy of essential weather parameters such as rainfall, wind, temperature, and humidity.  

Statistical models and vulnerability databases developed at the Danish Technological Institute quantify the impact of weather extremes on crops, allowing users to make informed decisions, manage crop risks effectively, and reduce potential losses based on a holistic understanding of the value chain risks.  

Further research and development efforts will go into a large language model-based recommendation system, developed by the University of Zurich, which translates the model’s quantitative findings into actionable risk-mitigation and climate-adaptation measures and recommendations, such as cultivar improvements, renewable energy integration, soil conservation techniques, climate-resilient infrastructure development. 

Helps companies mitigate emerging risks

Founded in 2021 by Michael Gloor and Gaudenz Halter, Correntics is a Switzerland-based climate risk analysis provider that empowers companies to anticipate and mitigate emerging risks from weather and climate extremes. Their proprietary SaaS solution offers businesses unique climate-risk analytics capabilities that strengthen internal risk management in various industries, including agriculture, chemical, logistics, and financial sectors. 

Additionally, Correntics partners with consulting firms to increase the efficiency and accuracy of physical climate risk assessments required to comply with relevant regulations, such as the Corporate Sustainability Reporting Directive (CSRD). 

“Our data-driven risk management technology and AI-based decision support tools empower agri-food companies to increase their resilience in the context of emerging environmental risks. By providing actionable insights into climate risks impacting their global value chains and guiding strategic decisions, it will offer companies a competitive advantage in a fast-changing risk landscape,” said Michael Gloor, CEO of Correntics. 

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