Climate X secures £1.1 million in a preseed round backed by Pale Blue Dot.

Climate X, a London, UK-based software startup working on climate intelligence products, announced securing a £1.1 million ($1.5M) pre-seed funding round.

The money was raised from investors led by the Sweden-based Pale Blue Dot, joined by Blue Wire Capital, US-based VC’s A100x and Possibilian, Hong Kong’s Jennifer Cheng’s NewChic Family Office.

Climate X, founded in 2021 by Kamil Kluza and Lukky Ahmed, develops software combining physical risk models and machine learning, in order to predict how climate change-related extreme weather impacts millions of specific assets and locations around the world, up to 80 years into the future. It automatically makes predictions and calculates how exposure to extreme weather affects the value of assets.

Climate X's product is yet to be launched in the market, expected to be released in the UK by end of 2021.