Live flood alert ClimateTech Previsico has recently announced the completion of its latest funding round – at a significantly higher valuation than the previous one in August 2021.
This round was led by VC investor 24Haymarket (24H) and supported by the Foresight Group (Foresight), a leading infrastructure and private equity investment manager.
Founded on 20 years of academic research by Loughborough’s Professor Dapeng Yu, Previsico has been on a fast-track since its launch on Loughborough University Science and Enterprise Park (LUSEP) in 2019.
The investors recognised the traction that Previsico has gained with major corporations (such as Network Rail, National Grid and The Guinness Partnership) and leading insurers (including Zurich, Liberty Specialty Markets and Generali).
They also acknowledged the huge commercial prospects for its world-leading live flood forecasting technology and its potential for positive environmental and social impact. They were also impressed by the management team’s technical and commercial expertise.
Flooding continues to be the most common and costly natural hazard. Globally, flood-related hazards annually displace millions of people from their homes with damage running into billions of US dollars.
Previsico’s next generation live flood forecasting solution brings together the latest weather data from the Met Office, IoT devices on the ground and advanced flood modelling capabilities to address the increasing global issue of surface water flooding for insurers, the public sector, major corporate clients and SMEs.
Professor Dan Parsons, Loughborough University Pro Vice-Chancellor (Research and Innovation), said: “This exceptional funding round reinforces the significant global potential of Previsico’s flood forecasting technology. Many congratulations to Previsico and the team. I’m delighted.”
Jonathan Jackson, CEO of Previsico, said: “We are thrilled to welcome 24H as a new investor. This not only brings valuable funding, but also provides us access to a valuable network of accomplished business leaders.”
David Marock, Chairman of Previsico, said: “We are delighted to have secured enthusiastic support for this funding round. This resounding vote of confidence in our vision will enable us to build on our success and expand into new markets. It has fuelled our excitement and commitment to enhancing resilience by predicting and mitigating flood impacts globally.”
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