Firm Advises Cervest on $30 Million Series A to Launch First AI-Powered Climate Intelligence Platform
- Client Highlights
- Clean Technology
On May 20, 2021, London-based Cervest, creator of the world’s first AI-powered Climate Intelligence (CI) platform, announced that it has raised a $30 million financing round led by Draper Esprit. Current investors Astanor Ventures, Lowercarbon Capital (Chris Sacca), and Future Positive Capital also participated in the oversubscribed round, and were joined by new investors UNTITLED, the venture fund of Magnus Rausing, and TIME Ventures, the venture fund of Marc Benioff. The financing brings Cervest’s total funding to $36.2 million. Wilson Sonsini Goodrich & Rosati advised Cervest on the transaction.
Cervest seeks to help enterprises, financial services companies, and governments quantify climate risk down to the asset level and, for the first time, across multiple decades and threats. Its first-of-its-kind automated CI platform, which was built through extensive, peer-reviewed research over the last five years and is powered by the Cervest’s groundbreaking Earth Science AI technology, combines public and private data sources, machine learning, and cutting-edge statistical science to present a unified view of climate risk that’s never before been possible.
Cervest will use the proceeds from the financing to move aggressively into the U.S. and European markets. The company is providing open access to Climate Intelligence by offering everyone a free, standardized climate risk assessment, spurring new conversations and fostering an open and common dialogue on shared asset-level risk and opportunities.
The Wilson Sonsini team that advised Cervest on the transaction includes Daniel Glazer, Michael Labriola, Amanda Pollard, Doug MacKillop, and Matt Norgard.
For more information, please see Cervest’s press release.