EarthScan: Climate Risk Intelligence with HPC & AI

Mitiga Solutions is a Barcelona-based company, founded in 2018. They specialize in mitigating natural hazards by leveraging science, high-performance computing, and artificial intelligence. The company aims to make the world a more resilient place under a changing climate by providing advanced, science-based risk mitigation solutions.

Did you know that accurately predicting and managing natural hazards can indeed save billions in economic losses and countless lives each year? Studies have shown that mitigation efforts, such as those implemented by Mitiga Solutions, are highly cost-effective. For instance, federal mitigation grants in the U.S. save approximately $6 for every $1 spent, which includes preventing nonfatal injuries, deaths, and PTSD cases from natural disasters​​. Effective prediction and warning systems, like those developed by Mitiga Solutions, are critical in reducing the impact of natural disasters by enabling timely and informed responses to impending threats​.

Source: ced.sog.unc.edu, nationalacademies

Mitiga Solutions harnesses advanced technologies such as high-performance computing (HPC) and artificial intelligence (AI) to offer sophisticated climate risk assessments. This proactive approach not only safeguards communities and ecosystems but also helps organizations implement measures to mitigate potential hazards, thereby reducing economic losses and protecting lives.

Source: mitigasolutions

Company Background

History

Mitiga Solutions was founded in 2018 as a spin-off from the National Supercomputing Center in Barcelona, Spain. The company was created to bridge the gap between cutting-edge scientific research and practical applications for mitigating natural hazards. Initially, the founders recognized a gap in commercial risk modeling capabilities, particularly for the insurance sector, and decided to leverage high-performance computing (HPC) and artificial intelligence (AI) to address these needs. Over the years, Mitiga Solutions has expanded its offerings and client base, becoming a significant player in the climate risk intelligence sector​.

Founders and Key Figures

Mitiga Solutions was founded by Dr. Alejandro Martí and Dr. Mauricio Hanzich.

Dr. Alejandro Martí, CEO, has over 15 years of international experience in developing and maintaining relationships with industry, academia, and the public sector. His expertise lies in using technology for climate change adaptation and natural hazard prevention. Before founding Mitiga, he worked with organizations such as the US Government, NASA, the UK Meteorological Office, and Repsol.

Dr. Mauricio Hanzich, CTO, has led the Software Development group at the Computer Applications in Science and Engineering Department of the National Supercomputing Centre in Spain for over a decade. He has extensive experience in developing complex software and high-performance computing solutions.

Funding and Investors

Mitiga Solutions has successfully raised significant funding to support its growth and development. In 2023, the company secured €13.25 million in a Series A funding round. This round was led by Kibo Ventures, along with participation from the Microsoft Climate Innovation Fund, Nationwide Ventures, Faber Ventures, and CREAS Impacto. This funding will be used to expand the company's science and business teams globally, invest in cloud architecture and security, and enhance their risk modeling capabilities.

Products and Services

Core Products/Services

Mitiga Solutions offers a range of products and services designed to mitigate natural hazards and enhance resilience to climate change. These offerings leverage advanced technologies like high-performance computing (HPC) and artificial intelligence (AI) to provide actionable insights and risk assessments.

EarthScan™

EarthScan™ is a comprehensive risk analysis platform that delivers personalized insights on exposure to various climate risks. It enables users to generate risk assessments quickly and accurately, which can be critical for sectors such as insurance, real estate, and asset management.

By providing detailed risk assessments, EarthScan™ helps organizations understand and manage their climate-related risks, thus supporting informed decision-making and proactive measures to mitigate potential impacts. This can lead to more resilient infrastructure and reduced vulnerability to natural hazards, contributing to overall sustainability efforts​.

Risk Models

Mitiga Solutions develops state-of-the-art risk models that integrate the latest climate science and high-resolution data. These models are used to predict and assess risks related to various natural hazards, including extreme temperatures, precipitation, flooding, drought, and wildfires.

The risk models enable businesses and governments to anticipate and prepare for climate-related events, reducing potential damages and enhancing resilience. This proactive approach helps minimize the environmental and economic impact of natural disasters, promoting sustainable development and climate adaptation strategies.

Climate Score Solutions

These solutions provide a comprehensive assessment of climate-related risks and opportunities for companies. The Climate Score evaluates the vulnerability of assets and operations to climate change, helping organizations comply with regulatory requirements and improve their sustainability profiles.

By offering a clear picture of climate risks, the Climate Score solutions aid companies in identifying areas for improvement and implementing strategies to enhance their sustainability. This contributes to overall efforts to reduce carbon footprints and adapt to the changing climate​.

Innovation and Technology

Mitiga Solutions stands out in the field of climate risk mitigation through its use of cutting-edge technologies and innovative approaches. Here are some key aspects:

High-Performance Computing (HPC)

HPC is integral to Mitiga Solutions' ability to process vast amounts of data quickly and accurately. This technology allows for detailed simulations and modeling of climate scenarios, which are crucial for predicting and managing natural hazards.

The use of HPC enables the company to run complex models that require significant computational power, thus providing high-resolution insights into potential climate risks.

Artificial Intelligence (AI)

AI is employed to enhance the accuracy and efficiency of risk assessments. By leveraging machine learning algorithms, Mitiga Solutions can analyze large datasets, identify patterns, and predict future climate-related events with greater precision.

AI allows for continuous learning and improvement of models based on new data, making the risk assessments more robust and adaptive over time. This approach ensures that the solutions remain relevant and effective in a changing climate.

Physics-Based Modelling

Mitiga Solutions uses physics-based models to simulate the behavior of various natural hazards under different climate scenarios. These models are grounded in scientific principles and provide a realistic representation of potential risks.

The integration of physics-based modeling with AI and HPC allows for a comprehensive and dynamic analysis of climate risks, offering clients a deeper understanding of their vulnerabilities and potential impacts.

Data Integration and Visualization

The company utilizes advanced data integration techniques to combine information from multiple sources, including satellite data, weather forecasts, and historical records. This integrated approach ensures that the risk assessments are comprehensive and up-to-date.

Mitiga Solutions also focuses on data visualization, making complex data more accessible and understandable for clients. This helps stakeholders make informed decisions based on clear and actionable insights.

Case Studies

Insurance Sector

Howden Group: Mitiga Solutions has provided advanced risk models to Howden Group, helping them to better assess and price climate-related risks. These models integrate real-world factors like vegetation, weather dynamics, and topography to offer precise risk assessments. This collaboration has enabled Howden Group to close protection gaps across different geographies and sectors, enhancing their overall risk management capabilities.

Government and International Bodies

EUROCONTROL: By leveraging Mitiga Solutions' high-performance computing and AI-driven risk models, EUROCONTROL has improved its ability to predict and manage the impacts of extreme weather events on air traffic management. This partnership has resulted in more robust and reliable systems for anticipating and mitigating the effects of severe weather conditions​.

UNDP: The United Nations Development Programme has utilized Mitiga's tools to assess climate risks in various projects aimed at enhancing resilience in vulnerable regions. These assessments have supported better planning and implementation of climate adaptation measures, contributing to sustainable development goals.

Non-Profit Organizations

Danish Red Cross: In a groundbreaking initiative, Mitiga Solutions developed the world's first volcanic catastrophe bond (CAT bond) in partnership with the Danish Red Cross. This innovative financial instrument uses high-resolution models to anticipate losses from volcanic eruptions, providing a new mechanism for funding disaster response and recovery efforts​.

Real Estate and Asset Management

Group Suez: Mitiga Solutions' EarthScan™ platform has been used by Group Suez to generate detailed risk assessments for their asset portfolios. This tool helps them identify potential climate risks and develop strategies to mitigate these threats, ensuring the long-term resilience of their investments​.

Market Position

Industry Overview

The climate tech industry is rapidly evolving as companies and governments recognize the urgent need to address climate change and its associated risks. This sector encompasses a wide range of solutions aimed at mitigating and adapting to the impacts of climate change, including renewable energy, carbon capture, climate risk modeling, and environmental monitoring. Within this landscape, Mitiga Solutions focuses on climate risk intelligence, providing advanced tools for predicting and managing natural hazards using high-performance computing (HPC), artificial intelligence (AI), and physics-based modeling.

Competitors

• Jupiter Intelligence: Known for its high-resolution climate risk analytics and forecasting, Jupiter Intelligence offers similar services to Mitiga Solutions but places a strong emphasis on probabilistic modeling and comprehensive risk assessments for real estate and infrastructure.

• The Climate Service: This company provides detailed climate risk analytics and financial modeling, helping organizations understand the economic impacts of climate change. Their focus on financial risk and integration with financial planning tools sets them apart.

• Four Twenty Seven: Acquired by Moody’s, Four Twenty Seven specializes in climate risk data and analytics, offering insights into physical climate risks for financial markets and corporate strategies.

Differentiation

Mitiga Solutions differentiates itself through its use of high-performance computing (HPC) and advanced AI techniques, which enable the processing of vast datasets and the development of highly detailed, physics-based models. This approach allows for more precise and forward-looking risk assessments compared to traditional methods. Additionally, Mitiga's focus on transparency and non-black-box solutions ensures that clients can trust and understand the data and methodologies behind their risk models.

Challenges

• Data Integration and Accuracy: Ensuring the accuracy and relevance of data from diverse sources can be challenging, especially in regions with limited data availability.

• Regulatory Compliance: Keeping up with evolving regulations and standards for climate risk reporting and assessment requires continuous adaptation and updates to their models and methodologies.

• Market Competition: The climate tech industry is becoming increasingly competitive, with many companies entering the market and offering similar solutions.

Opportunities

• Regulatory Drivers: New regulations requiring companies to assess and disclose climate risks (such as the EU Taxonomy and TCFD guidelines) create a growing demand for advanced climate risk modeling services.

• Technological Advancements: Continued advancements in AI, HPC, and data analytics provide opportunities for further innovation and enhancement of Mitiga’s offerings, making their solutions even more accurate and comprehensive.

• Global Expansion: As climate risks are a global concern, there are significant opportunities for Mitiga Solutions to expand its services internationally, particularly in regions that are highly vulnerable to climate change but lack advanced risk assessment tools.

Sustainability and Impact

Environmental Impact

Mitiga Solutions contributes to sustainability and the reduction of carbon emissions through several key initiatives:

• Climate Risk Mitigation: By providing advanced risk modeling tools, Mitiga Solutions helps organizations predict and manage the impacts of natural hazards. This proactive approach allows companies to implement measures that reduce their vulnerability to climate-related events, thereby enhancing overall resilience and sustainability.

• Data-Driven Decision Making: The company's solutions enable more accurate and comprehensive climate risk assessments, which support informed decision-making in sectors such as insurance, real estate, and infrastructure. This leads to better resource management and reduced environmental impact.

• Promotion of Resilient Infrastructure: By identifying potential risks and vulnerabilities, Mitiga Solutions supports the development of resilient infrastructure that can withstand climate-related stresses, thereby reducing the need for reactive measures that often have a higher environmental cost​.

Certifications and Awards

• Microsoft’s Startup Program: Mitiga Solutions joined Microsoft's Startup Program in 2020, which is a recognition of their innovative approach and potential in the climate tech space.

• Microsoft ISV Co-Sell Partner: In 2022, the company became a Microsoft ISV Co-Sell partner, further validating their technology and market position.

• Series A Funding Success: The successful raising of €13.25 million in Series A funding, led by prominent investors such as Kibo Ventures and the Microsoft Climate Innovation Fund, highlights the confidence and recognition from the investment community in Mitiga's solutions and impact​.

Future Goals

Mitiga Solutions has outlined several ambitious goals for the future:

• Expansion of Risk Modeling Capabilities: The company aims to scale its physics-based models to cover more regions and types of natural hazards, thereby enhancing its global impact on climate risk mitigation.

• Growth and Team Expansion: With the new funding, Mitiga plans to expand its science and business teams worldwide, increasing their capacity to innovate and deliver solutions.

• Investment in Cloud Architecture and Security: Continued investment in their cloud infrastructure and security will support the scalability and reliability of their services.

• Tripling Revenue: Mitiga expects to more than triple its revenues by the end of 2023, indicating significant growth and increased adoption of their solutions.

• Sustainability Goals: The company is committed to pushing the envelope of climate science and risk modeling to support global sustainability efforts, contributing to the broader goals of reducing carbon emissions and enhancing climate resilience​

Community and Social Responsibility

Mitiga Solutions actively engages with both local and global communities to foster resilience and sustainability. The company collaborates with various organizations and initiatives to extend its impact beyond just its client base. The company developed the world's first volcanic catastrophe bond (CAT bond) in partnership with the Danish Red Cross. This innovative financial instrument is designed to provide funding for disaster response and recovery, showcasing Mitiga's commitment to supporting humanitarian efforts. The organization works with international organizations like EUROCONTROL and the United Nations Development Programme (UNDP) to enhance climate resilience and manage natural hazards effectively, thereby contributing to global sustainability efforts​.

Mitiga Solutions is involved in various educational programs and partnerships with academic institutions to advance climate science and technology. The company collaborates with leading academic institutions to develop and refine its risk models and methodologies. These partnerships ensure that Mitiga's solutions are grounded in the latest scientific research and technological advancements​. They also participate in seminars, conferences, and workshops to share knowledge and best practices in climate risk mitigation. By engaging with the academic community and industry professionals, Mitiga helps promote a better understanding of climate risks and the importance of proactive measures.

Conclusion

Mitiga Solutions, a Barcelona-based company founded in 2018, leverages high-performance computing, artificial intelligence, and physics-based modeling to provide advanced climate risk intelligence. By helping organizations predict and manage natural hazards, Mitiga Solutions plays a crucial role in enhancing resilience and sustainability across various sectors. Their innovative products, such as EarthScan™ and risk models, enable detailed and actionable climate risk assessments that support proactive decision-making and resource management.

The company's commitment to transparency and non-black-box solutions differentiates it from competitors like 'Jupiter Intelligence' and 'Four Twenty Seven'. Mitiga Solutions' collaborative efforts with international bodies such as EUROCONTROL, UNDP, and the Danish Red Cross underscore its dedication to global climate resilience and humanitarian support.

Mitiga Solutions has received significant recognition, including joining Microsoft's Startup Program and raising €13.25 million in Series A funding. The company continues to expand its capabilities, aiming to scale its risk modeling, grow its global team, and invest in cloud architecture and security.

Mitiga Solutions also engages actively with communities, supports educational initiatives, and promotes sustainability among its employees through various programs and benefits. These efforts highlight the company's holistic approach to addressing climate change and its impacts.

In summary, Mitiga Solutions is a key player in the climate tech industry, contributing to the carbon zero emission goals by providing cutting-edge tools and solutions that enable better management and mitigation of climate risks​.