ClimateAi, a pioneer in applying artificial intelligence to climate risk modelling, today announced the launch of its Enterprise Climate Planning (ECP) platform. The ClimateAi ECP platform offers enterprises actionable insights around climate risk, tailored to their supply chains. The launch coincides with the closing of a $12 million Series A round led by AI-focused Radical Ventures, with participation from Finistere Ventures and Robert Downey Jr.'s FootPrint Coalition Ventures to meet mounting market demand for ClimateAi solutions. Existing investors including Neotribe, AMECloud and ThirdStream Partners also joined the oversubscribed round, which brings ClimateAi’s total funding to date to $16 million.
“Adapting to the impacts of climate change is critical to the future of our economy and essential to our future as a species,” said Jon Schulhof, cofounder of FootPrint Coalition Ventures. “ClimateAi is a platform that provides long-term insights into weather and climate impacts, providing businesses the information they need today to take the actions needed now to adapt to the climate disruptions of tomorrow. As economies navigate the realities of climate change, the ClimateAi platform brings much-needed resiliency to our fragile global supply chains – from food and agriculture to industrial, energy and beyond.”
With ClimateAi, customers can optimize supply chain operations - production planning, demand estimation, and inventory management - and improve strategic supply chain planning to minimize climate risk exposure and identify new locations for climate-smart expansions for specific crops and ingredients.
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“We approached ClimateAi because we've seen the impact that climate change has already had on our business, in terms of driving production volatility. ClimateAi's machine learning models link climate forecasts to the metrics we care about: expected inventory size and quality of our offering,” noted Doran Yonay, global seed production director, Hazera.
According to the CDP, the global supply chain faces $1.26 trillion in environmental risks over the next five years. With global temperatures continuing to climb at alarming rates and the most recent World Meteorological Organization forecast expecting more erratic weather and yet another “warmest year on record” to hit by 2025, record-breaking heat, extreme weather events, rising sea levels and other environmental impacts will put a severe strain on our critical supply chains if organizations cannot adapt.
“We’ve reached an inflection point on climate adaptation, and there's a growing sense of urgency around preparing supply chains to quickly adapt to the impact of climate change. The pandemic – timed with the hottest year to date – put the focus squarely on the vulnerabilities of our food system infrastructure and supply chains,” said Himanshu Gupta, CEO of ClimateAi. “ClimateAi is already helping major players across the agrifood supply chain better understand, manage and communicate climate risk to improve transparency and increase profitability. Our platform aims to accelerate the transition to climate adaptation across supply chains – similar to what Fairtrade did to responsible sourcing.
Himanshu Gupta, CEO of ClimateAi.