Construct Venture invest in 7Analytics
Bergen, Norway, September 29, 2022 - 7Analytics, a company that uses artificial intelligence (AI) and machine learning (ML) to model and predict flood behavior, today announces that it has received $2.5 million in a seed funding round led by Momentum. Construct Venture and OBOS Oppstart also participated in the round.
Founded in 2020 by a team of geologists and data scientists, the company uses its unique terrain processing models, along with various other data sources, to create flood models that can be used by businesses and municipalities to plan and mitigate the impact of flooding. The next development chapter for the company is to use this insight to also model other nature risks such as landslides and biodiversity.
“If you look at the natural hazards on the global scale, flooding has the highest economic impact on society,” said Jonas Toland, co-founder, 7Analytics and added: “We need innovation to mitigate flood risk, so a flood prediction tool was an impactful starting point for us.”
Increased urbanization and the “downsizing” of nature have had a major impact on the flow of flood waters. On top of this, climate change causes more rainfall and greater frequency of cloud bursts. 7Analytics will enable its customers to make data driven decisions that can help reduce the damage, by pinpointing assets in risk of flooding at high resolution. This data can be used in applications including residential and commercial construction and de-risking energy infrastructure, such as power plants.
Global Weather Disasters Cost $101 Billion in 2021. 7Analytics and StormGeo, its strategic partner on the US market, aim to address the rising damage costs by real time flood prediction. Hurricane Ida alone caused an estimated $20 billion in damages.
“This partnership will allow business decision makers to leap from rainfall forecasts to actionable flood inundation forecasts that communicate how high the water will rise at their assets and operations based on cutting edge flood modeling,” said Ken Carrier, VP Onshore, StormGeo.
"The 7Analytics team has shown promising early commercial traction, capturing the attention of large enterprises like Skanska, Multiconsult and StormGeo as well as several municipalities. We have followed the company for a while and think the timing is right now to scale up the team and accelerate the commercialization. We look forward to following this company in the years to come, in a time where climate adaptation unfortunately becomes increasingly important every day," said Hilde Støle Pettersen, Managing Partner in Momentum.
The company’s first product, FloodCube, is already being used by customers that include Bergen Municipality, Skanska, a contractor, and Multiconsult, a consulting engineer. The product uses advanced modeling and AI to calculate surface water, faster and with much higher precision than standard tools. Disruptive models like the FloodCube are essential for next generation sustainable planning and asset risk management
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About 7Analytics
Headquartered in Bergen, Norway, 7Analytics uses AI and machine learning to model and predict flood behavior. The company’s first product, FloodCube, uses advanced modeling and AI to calculate surface water for sustainable planning of stormwater management. Its customers include Bergen Municipality, Skanska and Multiconsult. The company is venture backed by Momentum, Construct Venture and OBOS VC. For more information on 7Analytics, go to www.7analytics.no.
About Construct Venture
With its focus on growth companies through Construct Venture, AF Gruppen and OBOS want to contribute to establish a smarter and more future-oriented supplier industry in building and construction that also gives the industry competitiveness. The partnership is industrially supported based on smart capital, where AF and OBOS contribute with industry expertise, processes and well-functioning systems, in addition to financial strength. The companies are making their projects available for testing and developing technology concepts on a large scale.