BirdsEyeView uses AI and  petabytes of climate data to deliver high speed Nat Cat modelling to insurers  

London, UK, 12th December 2023: BirdsEyeView, a European Space Agency-backed insurtech startup, has closed an investment round led by the European Space Agency, Big 5 Investors, InsurTech NY and ACF Investors. This latest investment, for an undisclosed seven-figure sum, will be used to drive growth in the UK and US markets and further develop BirdsEyeView’s RAPTOR™ technology, which is set to democratise insurers’ access to NatCat modelling , exposure management, and underwriting automation. 

The insurance industry is grappling with a new reality where annual losses attributed to climate change regularly exceed $100 billion a year. In this environment, traditional insurance approaches have proven inadequate in covering the mounting losses resulting from climate-induced extreme weather changes. 

BirdsEyeView’s RAPTOR™ technology addresses this by automating manual underwriting processes, and delivering usable access to powerful Nat Cat analytics and models at the quotation stage – all of which are critical for efficient risk selection. This, in turn, enables a more precise and efficient risk selection process — aiding better risk management.

The investment comes after a period of unprecedented growth since the product’s launch in 2022, marked by strategic partnerships with global insurers and brokers, including Liberty Specialty, Arch, Convex, Ark, Everest Re, Fidelis and many others. 

James Rendell, CEO and Founder of BirdsEyeView: 

“This capital injection will be used to fuel growth in the London and US Property and Casualty markets, and to accelerate the development of our Exposure Management and natural catastrophe modelling capabilities. This progress will be critical for improving the speed and quality of underwriters risk selection and exposure management — critical considering the increasing frequency and severity of global climate change-induced natural disasters.”

Dr. Albert Dow, CTO of BirdsEyeView: 

“When developing RAPTOR™, we took a thoughtful approach, reimagining an underwriter’s workflow. We asked ourselves how technology and data could enhance and streamline the underwriting process. RAPTOR™ was born from this vision. By integrating these tools into an end-to-end software solution, we empower underwriters to focus on applying their expertise in risk assessment.”

Tim Mills, Managing Partner, ACF Investors:

 “We’re delighted to be a part of BirdsEyeView’s remarkable journey towards reshaping the sophistication and efficiency of the insurance industry. James and the team are delivering solutions that bring big benefits to insurers and their clients alike and overall add to the resilience of the market. BirdsEyeView’s RAPTOR™ technology in particular offers a vital tool in addressing the growing challenges posed by climate-induced risks.”

ENDS

BirdsEyeView

BirdsEyeView is an insurtech space startup that uses satellite data to structure insurance solutions for severe weather and provide SMEs access to weather-based parametric insurance products. It has received funding from SFC Capital and the European Space Agency. 

About ACF Investors 

Launched in 2011, ACF Investors (formerly the Angel CoFund) is a privately managed and commercially focused venture capital fund that works alongside sector smart business angels to invest in high-potential SMEs across the UK, directly providing funding to support exceptional businesses.