Jupiter raises additional capital from Liberty Mutual, MS&AD and SYSTEMIQ
Jupiter Intelligence , a company that predicts data and analytics for climate risk, announced it has raised additional capital from Liberty Mutual and MS&AD , two of the world’s top 10 Property and Casualty insurance companies, and SYSTEMIQ, a global leader in sustainable economic systems.
“In light of ongoing threats to life and property stemming from hazards like worsening heat waves, storms and wildfires, it’s urgent for entire industries to anticipate their future risk from a rapidly changing climate. With the support of industry leaders including Liberty Mutual and MS&AD, Jupiter will continue to deepen our analytics to help customers make complex financial decisions as they emerge from a global economic crisis.” – Rich Sorkin, CEO and Co-Founder of Jupiter.
Jupiter will use the new capital to fuel the company’s expansion of its operations and increase product development to meet the evolving needs of leading global companies in new geographies. As Jupiter’s expanded suite of solutions is deployed in the next few months and as the global economy recovers, the company expects exploding demand for enhanced risk analytics.
One notable collaboration already underway with Liberty Mutual is a pilot with the construction industry to develop new and enhanced risk management solutions.
“As a global insurer, we see the impact of climate change firsthand as we support our insurance customers in building resiliency and understanding risk. Our partnership with Jupiter allows us to better meet the complex risk management needs of our commercial clients by understanding how to successfully identify, mitigate and manage climate-related risks with new insurance products and services.” – Brendan Smyth, Senior Vice President, Global Risk Solutions, Liberty Mutual.
Investor and Jupiter customer MS&AD noted that the growing relationship between the two companies had already yielded operational benefits.
“MS&AD has been working with Jupiter for over a year and is already seeing the benefits of our partnership with the recent launch of MS&AD’s climate services in Japan. We are excited to have the opportunity to increase our investment as part of the successful and steadily growing relationship with Jupiter in both Japan and our global network of 47 countries.” – Tak Sato, General Manager of Innovation Office at MS&AD Insurance Group Holdings.
“As strategic investors, SYSTEMIQ is excited to work with Jupiter’s world-class team to bring their predictive modelling tools to climate-vulnerable countries around the world. We see major opportunities in the ability to predict and, therefore, prevent fires across the tropical belt, especially in South East Asia where peatland fires can cost the economy billions of dollars in one dry season, emit huge amounts of carbon and destroy lives and livelihoods. Jupiter’s world-leading physical risk analytics are critical to building resilience and safeguarding these economies for decades to come.” – Irena Spazzapan, Partner and Investment Lead at SYSTEMIQ.