Mitiga Solutions Develops the First Global Climate Risk Scientific Platform with the Support of Microsoft
This press release was initially published June 8, 2023, on Microsoft News Centre website. It´s translated from the Spanish version.
Mitiga´s Climate Risk Score helps companies measure, predict, report, and manage the effects of natural disasters, exacerbated by climate change.
Mitiga Solutions becomes the first Spanish startup to receive investment from the Microsoft Climate Innovation Fund.
The support provided by Microsoft has been instrumental in helping Mitiga bring its high-performance cloud computing solutions to market.
Mitiga Solutions, a Spanish startup that was born as a spin-off of the National Supercomputing Center in Barcelona (Spain), will be able to advance in the development of its global climate risk platform: Climate Risk Score. The tool, which helps measure, predict, report, and manage the effects of natural disasters exacerbated by climate change, is developed with proprietary technology based on scientific models, and thanks to an investment from Microsoft. After several years developing high-performance models and solutions for managing natural catastrophes, Mitiga will scale up its risk models to create the new global Climate Score.
Mitiga Solutions will continue to develop solutions and expand its international expansion thanks to a round of financing. It represents the first investment made by Microsoft in a Spanish startup through the Microsoft Climate Innovation Fund. This fund supports the development, implementation and commercialisation of innovative technologies that help reduce greenhouse gas emissions and mitigate the effects of climate change. The operation was led by KIBO, the leading venture capital fund in Spain, with the additional support of Nationwide, one of the largest insurers in the United States; Faber, the largest Portuguese Deep Tech fund and, CREAS Impacto, the largest Spanish impact fund.
Climate Risk Score is an innovative tool, developed in Microsoft´s Azure cloud, using state-of-the-art scientific models to assess the impact of climate change on business. For the first time, an integrated solution is offered to all types of customers, allowing them to measure and report their climate risk, make informed decisions on how to allocate their resources and thus be able to assess the cost of their actions. It also helps customers comply with European and global climate regulations. Companies face increased pressure on transparency related to their climate risks, and Mitiga's tool provides an objective and transparent assessment of these risks, helping companies comply with regulations.
Thanks to the Climate Risk Score, customers can obtain physical risk indices for multiple hazards and climate risk for any of their assets. In addition, it allows them to transfer their risk to the capital markets by developing alternative insurance solutions such as cat bonds. Microsoft´s customers will be able to run Climate Risk Score through Azure and get insights about their risk directly into their CRMs, such as Dynamics 365.
The solution helps organisations comply with Corporate Sustainability Reporting and European climate taxonomy regulations to meet compliance requirements around physical, transition and climate risks.
“Microsoft's support has been instrumental in bringing one of the companies with the most computational use in the scientific sector to a commercial cloud; while being able to provide a wide range of organisations and customers a service aimed at improving their operations, sustainability and decision-making when it comes to predicting and managing the effects of natural disasters and climate change”, says Alejandro Martí, CEO and co-founder of Mitiga Solutions.
“We are proud that our technology contributes to boosting the business of entrepreneurs and startups and advancing the development of platforms such as the Climate Risk Score. We are aware that addressing and mitigating the effects of climate change require a collective effort from organisations, companies, and governments, and we are committed to collaborating and providing digital technology and resources for those who develop the climate solutions of the future,” says Alberto Granados, President of Microsoft Spain.
Microsoft for Startups, key in the development of Mitiga Solutions
The support provided by Microsoft has been instrumental in helping Mitiga bring its high-performance computing solutions to the scientific cloud industry to market, facilitating the deployment of its innovative risk management services to a broader audience and greater impact in the fight against climate change.
Mitiga Solutions chose Microsoft over other competing offerings because of the company's climate and sustainability agenda. As a certified ISV (Independent Software Vendor), Mitiga has access to a joint business segment with Microsoft in this area.
Mitiga joined the Microsoft for Startups program in 2020 and migrated its high-performance computing architecture to Azure. In April 2022, Mitiga joined the Microsoft FastTrack program for ISVs and startups, with the aim of jointly developing a fully transactional SaaS solution in the InsurTech field, which provides risk management services to professionals in the sector and insurance companies. The company has worked on projects such as the monitoring of forest fires and the analysis of their effects, and the data collected and managed by Mitiga Solutions on the Microsoft Azure platform allows better management of the associated risk for insurance companies.