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“Even with all the bad things that could happen, we don’t think the apocalypse is inevitable,” said Rich Sorkin. “The extent of damage is a function of how much people invest in avoiding it over the next decade.” Speaking to Tech Crunch’s Jonathan Sheiber, the co-founder of Jupiter Intelligence was referring to the impact of severe weather and climate change, and how businesses, cities and communities can mitigate the damage. The company specializes in analyzing global climate models, drilling down to specific regions to predict peril-like events, and having just secured a further $23 million in funding, is looking to expand its US-based business internationally.
Founded in 2016 by Sorkin, together with Eric Wun, Josh Hacker and Alan Blumberg, who each have experience in weather-related tech-based businesses, Jupiter Intelligence has carved out a niche for itself selling data from satellite imagery and advanced computer models to cities including New York and Miami, insurance companies such as QBE, Mitsui and Nephila, and the real estate market. But as natural disasters have become far more frequent, its technological capabilities have garnered interest from a wide range of customers, including airports, ports, power plants, water facilities, hospitals, and both municipal and federal government.
Flooding caused by Hurricane Florence in Lumberton, North Carolina / Photo: adn.com
“For a decade the planet has needed the kind of repeatable, globally consistent, insurance grade analytics Jupiter now delivers,” explained Jeremy Oppenheim of Jupiter investor SYSTEMIQ to Sheiber. Its latest offering tailors predictions to the specific risk manager or organization, enabling them to integrate results into their individual plans. And using virtual reality, the company can also provide customers with visuals that can show the effects of climate-related damage on the inside of a building.
“The strategy was to start with one peril in one place in one market so we started with flooding in Carolinas for the real estate,” said Sorkin. “We have expanded into much broader perils and geographies and market segments.” And with the new financing, Jupiter plans to make its services available to clients in Rotterdam, London and Singapore.
