Paris-based startup Celest Science has successfully raised €2M in seed funding to advance its innovative approach to climate risk modeling. Spearheaded by prominent investors Astorya.vc and Plug and Play, the funding round saw participation from 16 business angels, including notable figures such as Stéphane Guinet, CEO of Kamet Ventures, and Armando Mann, former executive at Dropbox and Google. The significant financial backing sets the stage for Celest Science to pioneer predictive solutions in an era marked by heightened climate awareness and regulatory demands.
Addressing the Need for Effective Climate Risk Management
The Rising Cost of Climate-Related Events
The necessity for effective climate risk management has been underscored by staggering losses from climate-related events. In the face of €100B losses globally in the past year alone, with €6.5B occurring in France, the urgency for robust climate risk solutions has never been clearer. The pressure to manage these risks is further intensified by new EU regulations that mandate organizations to disclose climate risks. This regulatory landscape has created a burgeoning demand for science-based modeling tools that can provide precise and actionable insights into potential climate hazards.
Innovative Approach to Climate Risk Intelligence
Celest Science offers a solution through its advanced climate risk intelligence platform tailored for financial institutions, energy companies, and governments. Utilizing a blend of climate science and machine learning, Celest Science’s models predict and understand extreme climate events by examining interactions between atmospheric, oceanic, and land systems. Unlike traditional models, which primarily rely on historical data, their tools can uncover the physical causes of climate events, integrate multiple risk factors, adjust event frequencies in response to climate change, and offer forecasts ranging from two weeks to six months. This unique method bridges the gap between short-term forecasts and long-term climate scenarios, empowering insurers, investors, and public institutions to manage risks with greater efficiency.
Leveraging Expertise and Strategic Partnerships
Founders with a Vision
Celest Science’s vision materialized through the combined expertise of its co-founders, Dr. Léo Lemordant, the former founder of renewable energy crowdfunding platform Enerfip, and Professor Pierre Gentine, a renowned climate scientist at Columbia University. Their complementary backgrounds in climate science and business have been instrumental in developing the startup’s innovative climate risk models and gaining credibility within the industry. Their leadership drives the company’s mission to deliver actionable insights that align with both scientific rigor and market needs.
From Research to Commercial Deployment
The newly acquired funding will be pivotal in enhancing Celest Science’s technology and broadening its reach within the market. Following a productive research and development phase and a strategic partnership with insurer Zurich, Celest Science has transitioned from proof-of-concept to production. Further validating its relevance, the startup was selected for Allianz’s AI accelerator program. This recognition highlights Celest Science’s potential in utilizing artificial intelligence to refine and expand its climate risk modeling capabilities. The current phase marks a significant step towards solidifying their position within the insurance sector and beyond.
Strategic Investments and Market Expansion
Backing from Influential Investors
Primary investors in Celest Science include Plug and Play, a prominent US-based early-stage VC firm known for its investments in over 30 unicorns, and astoryaVC, a firm dedicated to supporting European tech startups focused on innovative insurance solutions. These investors not only provide substantial funding but also grant access to expansive networks and resources crucial for scaling Celest Science’s operations. Their backing underscores the confidence in the startup’s vision and technological prowess in tackling climate risks.
Positioning for Future Growth
Paris-based startup Celest Science has secured €2M in seed funding to propel its cutting-edge climate risk modeling ventures. Led by prominent investors Astorya.vc and Plug and Play, this funding round attracted participation from 16 business angels. Among these were notable figures like Stéphane Guinet, CEO of Kamet Ventures, and Armando Mann, ex-executive at Dropbox and Google. This robust financial backing positions Celest Science to forge ahead in developing predictive solutions. Amid growing climate consciousness and increasing regulatory pressures, Celest Science’s advancements in climate modeling hold significant promise. By innovating in this space, the startup aims to address the urgent need for accurate climate risk assessments, providing valuable tools for businesses and policymakers alike. This funding will undoubtedly accelerate their capacity to bring pioneering climate risk solutions to market, leveraging emerging technologies to meet the demands of a world grappling with climate change.
