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Renew Risk, a clean-energy risk analytics SaaS startup, raises £1.7M seed funding to improve the financing, planning and insurance for renewable energy assets. The funding round is led by strategic investor Insurtech Gateway with participation from ClimateTech fund One Planet Capital, the University of Surrey, and super angels Chris Adelsbach and Rahul Munjal.
Renew Risk provides risk assessment solutions that will allow (re)insurers, insurance brokers and offshore wind farm developers to assess the risk of these billion dollar renewable energy assets being constructed in deep sea and in natural disaster prone regions. Their risk modelling software, driven by deep data science, calculates the frequency and severity of financial losses due to natural disasters. By securing insurance for large offshore wind projects, institutional investors are more inclined to provide the necessary financing to expedite the transition to renewable energy. The startup already has models live with global (re). The investment will enable the company to expand its customer base across the United States and Asia and develop next-generation products that cover additional asset classes.