Bergen, Norway-based 7Analytics, a startup that uses artificial intelligence (AI) and machine learning (ML) to predict flood behavior, announced on Thursday that it has raised $2.5M (approximately €) in a seed round of funding. 2.5M) has been raised.
The round was led by Momentum Partners with participation from Construct Ventures, LINK Capital and Obos VC.
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7Analytics says it will use the funds to build models for landslides and other natural risks such as biodiversity.
“If you look at natural hazards on a global scale, floods have the greatest economic impact on society,” says Jonas Toland, co-founder of 7Analytics. “We need innovation to reduce flood risk, so the flood prediction tool was an impressive starting point for us.”
7Analytics: What you need to know
7Analytics was founded in 2020 by geologists and data scientists to model and predict flood behavior. The company’s first product, the Floodcube, is used by a variety of clients, including the municipality of Bergen, Skanska – a contractor, and Multiconsult – a consulting engineer.
The product uses advanced terrain processing models along with various other data sources to create flood models that can be used by businesses and municipalities to plan and reduce the impact of floods.
In the US, 7Analytics has joined hands with StormGeo to address rising damage costs by real-time flood prediction. The company says that Hurricane Ida alone caused an estimated $75B (about €77M) in damage.
“This partnership combines StormGeo’s accurate weather forecasting with 7A’s state-of-the-art flood modeling, allowing business decision makers to make the leap from precipitation forecasts to actionable flood forecasters that shape their assets and operations. How high will the water be in the U.S. is based on state-of-the-art flood modeling,” said Ken Carrier, VP Onshore, Stormgio.
“Climate change and increased urbanization lead to new demands and a more complex risk picture for developers,” says Birgit Molstad, environmental director at OBOS. “7Analytics provides a digital solution to assess and estimate climate-related risks and thus avoid unnecessary damage to buildings. We trust 7Analytics. And have already applied their equipment in many construction projects. ,
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