DURHAM, N.C., April 14, 2020 /PRNewswire/ -- The Climate Service (TCS), a global leader in climate risk analytics, announced today it has completed an oversubscribed $3.825m Series A investment round.
Persei Venture LLC led the investment round with participation from existing investors and new investors including the Association of International Certified Professional Accountants (AICPA), and Synovia Capital. Persei Venture makes focused investments in early-stage companies that redefine markets, the AICPA is the most influential body of professional accountants in the world, and Synovia Capital focuses on ecosystem management in the data analytics sector.
The proceeds will accelerate the company's plans to expand coverage of hazards, climate scenarios and asset classes in its Climanomics® software platform to meet increased demand. The platform, which puts a price on climate risk, enables analysis and disclosure consistent with the Task Force on Climate-Related Financial Disclosures (TCFD), a framework now supported by over 1,000 organizations globally.
The close of this financing round continues a year of exceptional momentum for The Climate Service. This includes the inking of several high-profile strategic partnerships, a team that has tripled in size over the last six months, and the onboarding of a rapidly growing roster of customers. These include some of the world's largest financial institutions, Fortune 500 companies, and the US Federal Government.
"Investors, markets, and regulators are increasingly requiring businesses to measure their exposure to climate change-related risk. As a result, we designed this fundraising round to enable TCS to respond to the demands of industries under pressure to understand, quantify, and manage climate risk," said David L. Jadow of Persei Venture. "We forecast significant continued growth for TCS, and we are proud to support the company's vision and mission to embed climate risk into global decision-making."
About The Climate Service
The Climate Service provides world-class climate risk modeling and analytics to investors, businesses, and governments. The Climanomics® platform was built by an unparalleled team and advisors that include four IPCC Nobel Prize-winning scientists. Key features and benefits of the Climanomics® platform include:
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