Energize Ventures is excited to share a new milestone in our partnership with Jupiter Intelligence, the global leader in climate analytics for resilience and risk management. The company raised a $54 million Series C financing led by Clearvision Ventures and MPower Partners with CDPQ also participating. In addition to Energize, other existing investors in the round include DCVC, Ignition Partners, Liberty Mutual, MS&AD Ventures, QBE Ventures, and SYSTEMIQ. The funding brings Jupiter’s total capital raised to about $100 million. The new capital will help Jupiter scale to meet increasing customer demand, especially in the 20 sectors of the global economy where they are already the leading supplier. Specifically, Jupiter will use the funds to expand sales and accelerate investment in R&D to deliver more value to current and future customers.
Since we originally invested in Jupiter in 2019, the company has experienced exceptional growth, and we believe the demand for Jupiter’s product will only continue to grow as climate-associated risks become even more central to the global economy. Jupiter's analytics platform leverages climate science and economic impacts to address a broad range of use cases, climate scenarios, and other factors to provide actionable intelligence for individual physical assets at the portfolio level, thus helping organizations understand various levels of risks and whether they're prepared for it. Their products range from ClimateScore Global, the next-generation climate risk analytics tool providing physical risk assessment for any point on the land surface of the planet through the year 2100, to products focusing specifically on flood, heat, wind, drought, cold, hail and fire. Jupiter’s latest financing comes at critical timing. With all of the recent regulatory activity around climate, outcomes from this year’s COP26 meeting, and unprecedented commitments from the private sector, we see the need for climate analytics growing exponentially.
Additionally, recent reports indicate that climate is changing both faster than previously predicted and more severely than previously predicted.
As of this October, the U.S. has already experienced 18 weather or climate-related disasters with losses exceeding $1 billion each this year, according to NOAA. These events range from droughts and floods to tropical storms and wildfires. The public and private sectors are reeling from these costly climate-related catastrophes and are searching for ways to better prepare for the future. Jupiter is one way they can better understand their risk to climate across multiple perils.
Across industries, executives are waking up to the need to better understand their climate risk. Jupiter’s physical climate risk analytics have been adopted by at least one of the world’s five largest firms in asset management, banking, insurance, oil and gas, mining, power, construction, pharmaceuticals and reinsurance as well as the government of the United States. Global leaders are looking to Jupiter to better understand the impact of climate change on their physical infrastructure and supply chains, risks to financial portfolios, and vulnerabilities to human health and safety, and to protect over ten billion dollars of physical assets and more than a trillion dollars of financial assets. Jupiter’s vertical and horizontal customer growth reflects the broader mindset shift we’re seeing among business leaders recognizing that climate resilience strategies are no longer discretionary.
With this new round of funding Jupiter is incredibly well positioned to cement their place as the global leader in climate analytics for resilience and risk management. They have been growing their team of experts in climate, science and resilience to meet the demands of customers internationally. So far Jupiter has expanded its sales team and brought on three new advisors and two new senior leadership executives, each of whom bring industry-leading expertise spanning risk management, data sciences, extreme weather and climate, construction and engineering, and more.
The world is changing rapidly around us, and companies like Jupiter will help us better understand the risks we face and plan for a more reliant future. Congratulations to the team on this important milestone!