The additional funding will enable Reask to expand its coverage of hazards and expand its international team, enhancing its ability to serve customers effectively, the company announced.
The seed round was co-led by Mastry Ventures and Collaborative Fund, with participation from Machdoch Ventures and existing pre-seed investor Tencent, as well as pre-seed investors SV Angel and Hawktail.
In January 2022, Reask closed a seed funding round led by Tencent, a prominent global technology giant headquartered in China. The funding was designated for product development, operational expansion, and worldwide business development, with a particular focus on the London Market.
Tropical cyclones are key focus area for Reask
Reask specialises in providing high-resolution weather risk analytics and forecasting, offering precise assessments of the severity and frequency of extreme weather events worldwide, at any given time.
Through the application of artificial intelligence across multiple climate data sources, Reask employs proprietary weather modelling algorithms that learn climate physics, providing dynamic forward-looking representations of atmospheric risk.
This innovative approach equips insurers and asset managers with critical insights and intelligence, enabling them to enhance weather catastrophe forecasting accuracy. In contrast to traditional methods reliant on static historical statistics, Reask’s dynamic models offer a more reliable alternative.
Jamie Rodney, CEO of Reask, commented, “Accurately forecasting and assessing the behavior of tropical cyclones has always been extremely challenging, especially given their complex interaction with the climate and the difficulties in measuring them using land-based observational equipment.”
“Organisations need a clearer understanding of how extreme weather is changing so they can adequately prepare for potential impacts on their physical assets, infrastructure, business models, and customers. Our goal is to provide this information more quickly and efficiently to people and industries, so we can assist those who need it most before the need becomes urgent.”
Guy Vidra, Partner at Collaborative Fund, explained, “At Collab, our mission has always been to support businesses and technologies that are driving the world forward.”
He added: “Reask’s technology enables the prediction of outcomes and risks related to extreme weather, allowing insurers to prepare themselves and others for the worst. It brings stability to an area that lacks it—natural disasters. They are helping people move forward, regardless of what comes their way.”
