Madrid-based data analytics startup Mitiga has raised €8M in a Series A round led by Elaia. Mitiga will use the Capital for its European expansion as new regulation mandates the disclosure of climate risk for companies across the EU.

Mitiga’s SaaS platform allows companies to 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.

Kibo Ventures, CREAS Impacto and others also invested in the round.

Increasingly, companies throughout the EU feel compelled to understand their individual exposure to these events – particularly on the physical assets they own, operate or invest in.

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.’’

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.”