Climate Alpha, a Singapore-based AI-powered analytics platform, has raised $5 million in a seed round led by Jungle Ventures, as part of the latter’s newly launched First Cheque@Jungle programme, according to a statement.
Climate Alpha works with clients from the real estate, asset management, and insurance industries to navigate climate volatility. Using climate models, socioeconomic data and other inputs, the company guides its clients to allocate capital to climate-resilient assets.
Its clients include institutional investors such as Oaktree Capital, BentallGreenOak, and several pension funds in North America.
Using the funding, Climate Alpha plans to launch its global resilience scoring and financial impact calculations. According to the statement, the company also aims to work with major asset managers to establish a global fund to invest in climate-resilient real estate while distributing data to customers with API and Snowflake.
Founded in Singapore by Parag Khanna, a scholar in geography and globalisation, Climate Alpha plans to raise a Series A round in the first half of 2024. The company plans to build a comprehensive global resilience index and expand its offerings to investors in public markets.
“We plan to raise a Series A round in H1 2024 to pursue our ambitious agenda to leverage satellite and other proprietary geospatial datasets, build a comprehensive global resilience index, and expand our offerings to investors in public markets,” Khanna said.
Climate Alpha was founded in 2022 in a bid to promote sustainable investments. “We turn climate risk into climate opportunity,” the company said in a statement.
Jungle Ventures led the company’s $5-million seed round as part of its sector-agnostic First Cheque@Jungle programme which invests a minimum of $2 million as 50% in equity and 50% as a no-cap convertible note.
The firm, according to a separate statement on Jungle’s website, is also committed to lead or co-lead Series A funding rounds with investments ranging from $5 million to $10 million per company.