Reask Raises USD 4M to Provide Accurate Climate Risk Data
The money secured will help Reask deliver high-quality climate risk data at scale.
The climate risk startup supports insurers, asset managers, and at-risk communities and helps them understand the present-day climate change challenges and how to mitigate their impacts.
Australian-based extreme weather risk modelling startup Reask has raised $4 million to share accurate weather risk data with businesses, governments, communities and other stakeholders.
The funding round was led by the InsuResilience Investment Fund Private Equity II (IIF II), managed by BlueOrchard Finance, and the proceeds will be used to model tropical cyclones and expand the startup's capacity to provide accurate and actionable weather risk data for other extreme climate events.
Jamie Rodney, CEO of Reask, said: "We are excited to partner with BlueOrchard, a leading impact investor with deep expertise in the insurance sector."
“BlueOrchard support will empower us to accelerate our growth, further refine our product offerings, and enhance the financial resilience of populations that need it the most. Their investment aligns perfectly with our vision to make extreme weather risks manageable, accessible to all, and actionable anywhere, anytime."
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Unlike traditional models that only focus on specific regions, Reask uses dynamic climate physics to provide in-depth global data, which makes it stand out in climate risk modelling. So, clients, including insurance companies, asset managers, and government agencies can make informed decisions with respect to catastrophe risks and financial exposure.
Climate change has significantly impacted global insurance businesses. In 2024 alone, insured losses from climate-induced disasters touched $135 billion. A lack of high-quality catastrophe data deprives many institutions of setting insurance prices and assessing risks.
This is where Reask comes to the fore. It leverages artificial intelligence (AI) and climate science to help insurers price premiums, assess climate risks, and develop parametric insurance products for areas prone to hurricanes and other intense weather events.
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Ernesto Costa, Senior Investment Director at BlueOrchard, commented: “Reask’s innovative and defensible data products have the potential to transform the climate insurance landscape. Their work is directly aligned with our strategy to build a more resilient world through accessible and affordable climate insurance solutions. We look forward to working closely with Reask’s leadership to help accelerate their impact.”
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Source: Reask
