Mitiga Solutions Receives €13 Million Investment

Mitiga Solutions is a climate technology startup that aims to prevent, increase resilience and improve adaptability to climate-related risks. The startup works using artificial intelligence and high-performance computing. In the last investment round, Mitiga Solutions received 13 million euros.

The investment was led by Kibo Ventures, together with Microsoft Climate Innovation Fund, Nationwide Ventures, Faber Ventures and CREAS Impacto. This financing aims to enable the company to become the market standard for Climate Score by providing the necessary tools to assess, measure and report on the risks associated with climate hazards. It also aims to scale its physically-based models to help prevent natural disasters from becoming catastrophic.

Also Read: Bolttech Receives $196 Million Investment

Mitiga Solutions Supported by Big Companies!

Mitiga Solutions takes into account various dynamic factors such as weather and geophysical conditions to better assess the impact of natural disasters caused by climate change as the world changes. This approach enables a more precise analysis of risks over time, which helps organizations such as insurance companies, real estate and financial institutions to better understand and address risks and uncertainties.

According to Martí, traditional risk management tools rely on past events to predict the future, but they are no longer sufficient. This puts businesses at risk, jeopardizes their assets and puts their reputation at risk. At Mitiga Solutions, our risk models and climate score solutions are not black boxes - they contribute to more resilient and adaptive businesses and societies. Our approach offers a more reliable and effective way to better understand future hazards and act accordingly.

There is so much potential and resilience in climate technology.

The founders of Mitiga Solutions have been involved in different technological disciplines such as artificial intelligence (AI), high performance computing (HPC), geophysics and numerical weather prediction (NWP) to solve environmental problems for over 20 years. Currently, the team consists of 30 employees, over 40% of whom hold PhD degrees. Mitiga Solutions realized the gap in commercial risk modeling capabilities for the insurance industry and proposed to create a high performance computing (HPC) company based on scientific foundations. The company was officially founded in 2018 as a spin-off of the National Supercomputing Center in Barcelona.

Mitiga Solutions joined Microsoft's Startup Program in 2020 and continued with the Founder and Fast-Track programs the following year. In 2022, the company became a Microsoft ISV Co-Sell partner. The funding will be used to scale its risk modeling offering, as well as expand its science and business team worldwide, invest in cloud architecture and security, and continue to push the boundaries of climate science. Mitiga aims to more than triple its revenues by 2023.