Risilience Raises $26 Million to Help Companies Assess Climate Risk and Transition to Net-Zero Emissions
In a significant development for the climate tech sector, Risilience, a SaaS-based analytics platform that helps companies assess their climate risk and plan their transition toward net-zero carbon emissions, has raised $26 million in a Series B round of funding. This latest investment brings the company’s total funding to date to $32 million.
A Brief History of Risilience
Risilience was spun out of the University of Cambridge’s Centre for Risk Studies (CCRS) back in 2021. The company has since made significant strides in developing its cutting-edge technology, which enables companies to "turn data into actionable insights" and measure the impact of climate-related risks on their business.
Enterprise Customers Flock to Risilience
Despite being a relatively new player in the market, Risilience has already amassed an impressive list of high-profile enterprise customers. These include Nestlé, Maersk, EasyJet, Burberry, and Tesco, among others. The company’s success can be attributed to its ability to provide companies with a comprehensive understanding of their climate-related risks and opportunities.
Climate Tech Faring Well Amid Economic Downturn
The $26 million raised by Risilience is just one example of the significant investment being made in climate tech startups across the globe. Data from Bloomberg suggests that venture capital (VC) and private equity funding found its way into 539 deals in the third quarter of 2022, with climate-related funding deals accounting for a substantial portion of this total.
Why Climate Tech is Resilient
Climate tech has proven to be relatively resilient to economic headwinds, thanks in large part to growing pressure on corporations to address their carbon emissions and mitigate their impact on climate change. The global climate catastrophe is now firmly on the agenda in many political and business spheres, making it an increasingly pressing issue for companies to tackle.
The Challenge of Climate Risk Assessment
As Dr. Andrew Coburn, CEO of Risilience, explained to TechCrunch, "Organisations are struggling to understand and quantify how climate risk affects their business financially, and plan their way to net-zero." This is a critical challenge that Risilience aims to address through its innovative technology.
Digital Twins: A Key Feature of Risilience
At the heart of Risilience’s platform is its "digital twin" technology. This allows companies to connect their internal systems and databases, visualizing and stress-testing the impact of various risks on their business. These risks can include not only weather events but also growing regulations, litigation, and evolving customer sentiment.
Regulatory Pressure Mounting
The U.S. Securities and Exchange Commission (SEC) has proposed new rules that would require companies to report on any risks to their business related to climate change when filing updates for investors. This increasing regulatory pressure is driving demand for Risilience’s technology.
Greenwashing: A Growing Concern
As Dr. Coburn noted, "Large corporations are increasingly under scrutiny for greenwashing – making false or misleading claims about the environmental benefits of their products or services." Risilience aims to help companies avoid this pitfall by providing them with a comprehensive understanding of their climate-related risks and opportunities.
The Future of Climate Tech
Risilience’s latest funding round is a testament to the growing importance of climate tech in the global economy. As investors continue to pour money into startups working on climate-related solutions, it is clear that this sector will play a critical role in shaping the future of business and industry.
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About the Author
This article was written by [Author Name], a tech industry expert with a focus on climate tech.
