Norwegianstartup7Analytics has secured 4mn to help predict the next big flood or landslide.
The Bergen-based outfittrainsmachine learningalgorithms on vast quantities of data on everything from weather to land use.
The AI then learns to predict how natural disasters will unfold with metre-scale accuracy.
These insights are displayed on a dashboard.
Businesses and governments can use the platform to gauge the risks to individual assets like buildings or roads.
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Assessing insurance risk
7Analytics has also developed a specific platform InzureCloud specifically designed for insurance firms.
Insurers can use the tool to assess the risk of flood damage to homes, for instance.
If the risk is high, they can adjust their premiums in accordance.
Counterintuitively, this could actually help homeowners.
This leaves people financially unprotected in the event of a natural disaster.
Insurers are leaving flood-prone areas because they lack adequate risk information, said Torland.
Through our deeper approach, we are giving insurers data that accurately assess the specific risk of each property.
Catastrophic floods like these are becoming more common due to global heating.
7Analytics says that 40 customers already use its tool.
Armed with fresh funding, the startup will now expand its operations in the US.
The funding round was led by Scale Capital, an early-stage venture capital fund based in Copenhagen.
Story bySion Geschwindt
Sion is a freelance science and technology reporter, specialising in climate and energy.
