Insurtech Previsico gains funding for next-generation flood warning solution
UK-based flood forecasting insurtech Previsico has secured funding to support growth and development of a next-generation global flood warning solution.
Previsico has gained £1.75 million Seed Plus funding, led by Foresight Group, a private equity and infrastructure investment manager, to support the next stage of its product development, including IoT sensors, team expansion and sales growth, in the UK and beyond.
The investment is jointly funded by the Midlands Engine Investment Fund and Foresight Williams Technology. The investment by Williams is particularly pertinent to their Formula 1 team, after Sap Grand Prix ended due to track flooding.
The insurtech says it is seeing an escalating demand for its new ‘live flood forecasting’ solution that will address the increasing global issue of surface water flooding.
Previsico explained that with the new solution IoT sensors are placed in culverts, streams or small rivers, which are prone to flooding, to mitigate the risk of an incorrect weather forecast and feedback live flood data, which boosts the accuracy and timeliness of their flood forecasts.
Jonathan Jackson, chief executive officer of Previsico, said: “ Previsico’s mission is to be the leading provider of cutting-edge flood prediction technology, worldwide. We are gaining great traction in the market and are thrilled that Foresight, the Midlands Engine Investment Fund and Foresight Williams Technology have recognised this, to accelerate our product development, team expansion and sales growth, in the UK and beyond.”
Commenting on the investment, Jordan Lavender, investment manager at Foresight, said: “We are really excited to be working with Previsico and helping to develop this market leading technology. Since meeting the team, we have been impressed by both the technical and commercial experience within the management team as well as the interest in the platform from a range of customers. The technology has strong ESG credentials and the company should be well placed to capitalise on some promising opportunities as it looks to grow over the coming years.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
