IAG Firemark Ventures, the enterprise capital arm of Australian insurer IAG, has made investments in local weather danger know-how suppliers 7Analytics and Close to House Labs.
Primarily based in Bergen, Norway, 7Analytics makes use of superior geoscience and machine studying (ML) to develop high-precision fashions for assessing flood and landslide dangers.
Its predictive fashions allow insurers to precisely pinpoint danger on the particular person asset stage for each residential and industrial properties.
7Analytics co-founder and chief working officer Jonas Aas Torland stated: “In recent times we have now seen intense precipitation influence fully new areas and our platform assumes the following huge occasion might occur anyplace.
“This funding from Firemark Ventures will assist our firm speed up, scaling each commercially and geographically.”
Close to House Labs specialises in stratospheric balloon know-how, offering aerial imagery and information assortment providers for varied industries.
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The corporate is alleged to have the potential to seize high-resolution information from as much as 100,000ft, offering cost-effective options for companies.
Close to House Labs CEO Rema Matevosyan said: “By partnering with Firemark Ventures, we’ll acquire worthwhile insights, experience and sources that may assist us improve our operations, broaden our attain and higher serve our prospects.”
The most recent funding provides 7Analytics and Close to House Labs to the enterprise’s group of 25 portfolio corporations, together with RavinAI.
RavinAI leverages tow truck driver imagery, serving to IAG to scale back the time from declare lodgement to assessed complete loss by a mean of 11 days, IAG stated.
IAG Firemark Ventures normal companion Scott Gunther stated: “IAG Firemark Ventures’ objective is to convey the skin world into IAG, by investing and partnering with start-ups to remodel how we ship insurance coverage. We’ve a confirmed file of efficiently connecting our start-up portfolio corporations with our enterprise to ship on our objective.”
In November 2024, IAG introduced plans to accumulate a 90% stake within the Royal Vehicle Membership of Queensland’s insurance coverage underwriting enterprise.
Nevertheless, the Australian Competitors and Client Fee has raised considerations in regards to the acquisition’s potential results concerning private strains and restore providers, and is presently in search of suggestions.
