(Image source: Jupiter home page.)
Jupiter, a San Mateo, Calif.-based provider of predictive data and analytics for climate risk, has raised additional capital from Liberty Mutual (Boston) and MS&AD (Tokyo), two of the top 10 global property/casualty insurance companies, and SYSTEMIQ, a London-based researcher and investor focused on the concept of sustainable economic systems. The parties declined to disclose the amount of the new capital raised. A Jupiter statement says the company will use the new capital to broaden its solutions for perils and economic impact and expand Jupiter’s sales and marketing to address new geographies and industry segments.
Rich Sorkin, CEO and Co-Founder, Jupiter.
“In light of ongoing threats to life and property stemming from hazards like worsening heat waves, storms and wildfires, it’s urgent for entire industries to anticipate their future risk from a rapidly changing climate,” comments Rich Sorkin, CEO and Co-Founder, Jupiter. “With the support of industry leaders including Liberty Mutual and MS&AD, Jupiter will continue to deepen our analytics to help customers make complex financial decisions as they emerge from a global economic crisis.”
Jupiter says that it will use the new capital to fuel an aggressive expansion of its operations and increase product development to meet the evolving needs of leading global companies in new geographies. As Jupiter’s expanded suite of solutions is deployed in the next few months and as the global economy recovers, the company expects rapidly increasing demand for enhanced risk analytics.
Co-investor Liberty Mutual has already begun a pilot with the construction industry to develop new and enhanced risk management solutions, according to Jupiter’s announcement on the new capital raised.
Brendan Smyth, SVP, Global Risk Solutions, Liberty Mutual.
“As a global insurer, we see the impact of climate change firsthand as we support our insurance customers in building resiliency and understanding risk,” comments Brendan Smyth, SVP, Global Risk Solutions, Liberty Mutual. “Our partnership with Jupiter allows us to better meet the complex risk management needs of our commercial clients by understanding how to successfully identify, mitigate and manage climate-related risks with new insurance products and services.”
Yielding Operational Benefits
MS&AD, also both a Jupiter investor and customer, reports that the growing relationship between the two companies had already yielded operational benefits.
“MS&AD has been working with Jupiter for over a year and is already seeing the benefits of our partnership with the recent launch of MS&AD’s climate services in Japan,” comments Tak Sato, General Manager, Innovation Office, MS&AD Insurance Group Holdings. “We are excited to have the opportunity to increase our investment as part of the successful and steadily growing relationship with Jupiter in both Japan and our global network of 47 countries.”
Irena Spazzapan, Partner and Investment Lead, SYSTEMIQ.
The investment comes as Jupiter, a 2020 finalist in the Zurich Innovation Championship, finalizes development of its FireScore wildfire prediction and modeling product.
“As strategic investors, SYSTEMIQ is excited to work with Jupiter’s world-class team to bring their predictive modelling tools to climate-vulnerable countries around the world,” comments Irena Spazzapan, Partner and Investment Lead at SYSTEMIQ. “We see major opportunities in the ability to predict and, therefore, prevent fires across the tropical belt, especially in South East Asia where peatland fires can cost the economy billions of dollars in one dry season, emit huge amounts of carbon and destroy lives and livelihoods. Jupiter’s world-leading physical risk analytics are critical to building resilience and safeguarding these economies for decades to come.”