Norwegian Startup 7Analytics Raises €4mn for Predicting Natural Disasters with Machine Learning
A Norwegian startup, 7Analytics, has secured a funding of €4mn to enhance its capability in forecasting natural disasters such as floods and landslides. The company, headquartered in Bergen, leverages machine learning algorithms trained on diverse data to accurately predict the movements of natural disasters with precision down to a meter-scale. Their platform offers valuable insights to businesses and governments for evaluating risks to individual assets, presenting warnings 72 hours in advance. Additionally, 7Analytics has developed InzureCloud, a dedicated platform for insurance firms to analyze flood damage risks, potentially benefiting homeowners in high-risk regions.
Key Takeaways
- 7Analytics, a Norwegian startup, secures €4mn for predictive natural disaster technology utilizing machine learning
- Utilizes extensive data on weather patterns, land usage, and more for precise predictions at a meter-scale accuracy
- Presents a comprehensive dashboard for businesses and governments to assess risks to assets
- Introduces InzureCloud to enable insurance firms in evaluating risks related to flood damages
- Plans for expansion in the US market, currently serving 40 customers with its specialized tool
Analysis
The €4mn investment in 7Analytics underscores the increasing recognition of the importance of predictive disaster technology. Insurers, governments, and businesses are poised to benefit from more accurate disaster forecasts, leading to the mitigation of risks and damages. This development may exert pressure on competitors to invest in analogous solutions, propelling industry growth. In the short term, 7Analytics' expansion into the US market might encounter challenges due to the country's diverse climate and geography. Nevertheless, the company's successful deployment at 40 customer sites suggests a promising trajectory. Nations susceptible to natural disasters could witness a decline in disaster-related losses and insurance premiums, while financial instruments connected to catastrophe bonds might see fluctuations based on the performance of predictive tools like 7Analytics.
Did You Know?
- Machine learning algorithms: A subset of artificial intelligence involving the training of algorithms to recognize patterns in data and make predictions or decisions based on that data. In the case of 7Analytics, these algorithms are utilized to analyze extensive data pertaining to weather, land usage, and other factors to predict the occurrence and movement of natural disasters.
- Meter-scale accuracy: Denoting the level of precision achieved by 7Analytics' machine learning algorithms in predicting the location of natural disasters. The company claims that its algorithms can predict the movement of natural disasters with an accuracy within a meter. This high precision is vital for businesses and governments seeking to assess the risk of natural disasters to specific assets.
- InzureCloud: A platform developed by 7Analytics for insurance firms to assess the risk of flood damage to homes, particularly beneficial in high-risk zones. Through this platform, insurance companies can gain better insights into the potential risks and costs associated with insuring homes in flood-prone areas, aiding in improved policy pricing and risk management.