7Analytics secured an additional €4 million capital increase led by Scale Capital to fund international expansion of its flood-risk AI, the Norwegian company said on 15 May 2024.
Proceeds were earmarked for North American and Northern European markets, insurance flood-risk solutions and real-time flood prediction for asset owners, plus research and development in geospatial analytics and predictive modelling and hiring in GIS, data science and business development. The company said it planned a US subsidiary later in 2024, listing a Cambridge, Massachusetts address at 1 Broadway, alongside offices in Bergen, Oslo, Copenhagen and Boston.
Jonas Aas Torland, chief commercial officer and co-founder, said: "Flooding has the highest economic impact on society in terms of natural disasters, yet insurers are leaving flood-prone areas because they lack adequate risk information. Through our deeper approach, we are giving insurers data that accurately assess the specific risk of each property." 7Analytics builds high-precision flood and landslide models using hydrology, geology, geospatial re-processing and AI.