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(Image source: Previsico promotional video.)
Surface water flood forecasting and alert InsurTech Previsico (London) has announced further funding, led by new investor Burnt Island Ventures (New York), a venture capital firm specialising in water innovation, with participation from Foresight Capital Ventures (San Franciscso) and the company’s existing angel investor network.
Jonathan Jackson, CEO, Previsico.
Previsico says the funding will support and accelerate the company’s overall growth, with a particular focus on expanding its footprint in the U.S., where flood-related hazards cause billions of dollars in damage annually. This company asserts that the enw investment underscores investor confidence in the InsurTech’s mission to mitigate flood impacts globally through innovative technology.
“We are thrilled to have Burnt Island Ventures join us as an investor and board member,” comments Jonathan Jackson, CEO, Previsico. “Their strong support of our vision will help drive Previsico’s continued success. With a shared commitment to addressing the challenges of climate change, Burnt Island Ventures brings valuable expertise, particularly in the water sector and the US market, which will empower us to expand our efforts in predicting and preventing flood impacts across new industries and geographies.”
Christine E. Boyle, Partner, Burnt Island Ventures.
‘Flipping the Script’ on Underwriting Flood
“The Previsico Flood Intel Platform delivers accurate flood alerts to property owners and large asset holders, at the right time, so they can take action,” says Christine E. Boyle, Partner, Burnt Island Ventures. “Previsico completely flips the script on underwriting flood insurance for both direct customers and insurance channel partners, and it’s deeply exciting to be a part of it. With abundant proof points of success in the U.K., we are excited to work with Previsico on their U.S. expansion.”
The current funding round with Burnt Island Ventures as the lead investor, supported by existing investor Foresight Capital Ventures, connects Previsico with a global network of water industry professionals in addition to expanding its reach in the U.S., according to Previsico’s statement on the round.
David Marock, Chairman, Previsico.
“We are delighted to have Burnt Island Ventures on board, joining an already strong group of investors,” comments David Marock, Chairman, Previsico. “Their deep understanding of water-related challenges and opportunities aligns perfectly with our mission, and we look forward to leveraging their expertise as we continue to grow.”
Previsico reports that it was advised by the legal team at Mills & Reeve on this investment round.
The company notes that flooding remains the most common and costly natural hazard worldwide. Previsico says its next-generation live flood forecasting solution integrates real-time weather data, IoT devices, and advanced flood modelling to address the increasing global issue of surface water flooding. The company’s technology supports insurers, public sector agencies, and businesses in mitigating flood impacts, enhancing resilience, and reducing losses.
Previsico Flood Forecasting Now Available to Esri UK Customers