Mitiga announces a new investment from Elaia


Climate tech company Mitiga announces a new investment from Elaia with participation of existing investors Kibo Ventures, CREAS Impacto and Faber alongside other strategic partners. This new investment completes Mitiga’s May 2023 Series A, with a view of accelerating the company’s European expansion as new regulation mandates the disclosure of climate risk for companies across the EU.

Climate change is putting trillions of euros of asset value at risk through flooding, extreme heat, wildfire and drought events that are becoming more recurrent and severe across the world. Companies throughout the EU urgently need to understand their individual exposure to these events, particularly on the physical assets they own, operate or invest in.

Adding to this urgency is the growing regulatory pressure to disclose exposure to physical climate risk. It is now becoming a mandate across the EU and the UK for large companies and regulated players in financial sectors.

EarthScan is the SaaS platform allows companyies analyse, report and act on their exposure to climate risk. Powered by Mitiga and built on the latest in climate science and data modelling, EarthScan provides insights across 3 climate scenarios and multiple time horizons. It is used by clients in manufacturing, retail, hospitality, real estate and infrastructure investment to gain customised insight into their exposure to extreme weather.

Applications of the technology include more informed location planning decisions, accurate due diligence cycles on large portfolios, and EU-aligned self-serve reporting capabilities. EarthScan is also available to companies worldwide on App Source, through Mitiga’s existing partnership with Microsoft.

“Climate risk reporting is at a turning point: as climate-related losses continue to accumulate in the coming years, there will be more and more regulatory and stakeholder pressure for companies to disclose their exposure to climate risk”, said Alejandro Marti PhD, Mitiga Solutions’ Co-Founder and CEO. “We are excited to partner with Elaia to provide the latest in climate science and data modelling through an easy-to-use, on-demand platform like EarthScan. Now you don’t need to be a climate scientist to understand your exposure to climate change.”

Mitiga’s high-resolution modelling capabilities and access to one of Europe’s largest supercomputers enable a ”SaaS Plus” offering beyond EarthScan, for use cases in building retrofitting and extreme weather forecasting, bespoke to large corporate clients such as Telefónica and German insurer HDI.

As part of its future roadmap, Mitiga will also develop innovative solutions focused on transferring climate risk to capital markets. With this new investment in Mitiga, Elaia reinforces its leadership in supporting Europe’s burgeoning deep tech and climate tech sectors, at a time when new ML capabilities and a rise in computing power establish a new frontier for the use of AI in building climate resilience.

Pauline Roux, Managing Partner at Elaia: “As the threat of climate change grows exponentially, at Elaia we are increasingly investing in cutting-edge solutions to help industry players avoid or be prepared to deal with climate risks. Mitiga offers a deep tech platform to insurers, asset managers and corporates to anticipate, score, price and build hedge products against climate risk. We are very enthusiastic about their technology, spin-off from the National Supercomputing Center in Barcelona, that manages to fuel AI into pretty recent datasets and rapidly evolving climate patterns. The company has already built a strong footprint in Europe with ambitions to broaden to larger geographies.”

Alongside Elaia, existing investors Kibo Ventures, CREAS Impacto and Faber confirmed their commitment to Mitiga by providing additional funding.