Previsico

UK-based Previsico’s climate risk models predict flood-events. The company uses live modeling for predictions, where forecasts are remodeled every three hours in partnership with IBM’s Weather Company. The company also utilizes satellite imagery, Light Detection and Ranging (LiDAR) elevation data, and drainage and IoT sensors for flood monitoring. 

Previsico’s Flood Dashboard displays nowcasts and forecasts of flood events hourly across 48 hours. The company’s IoT sensors predict the timing and nature of flood events. The company’s first IoT-based flood alert system was launched in July 2021, post trials across the UK. Previsico had plans to deploy 3,000 IoT devices across the UK by Q4 2023. 

Key customers and partnerships

In July 2022, Previsico partnered with Generali, a British insurance provider, to offer the latter’s clients with flood mitigation actions by providing flood warnings. In June 2022, the company collaborated with GWTInsight, a commercial building data services company, to provide accurate and real-time surface water flood warnings to protect assets. Previsico has also partnered with Zurich Municipal, Liberty Specialty Markets, Everbridge, Watertight, Oasis Hub, and Geosite. 

Funding and financials

In September 2021, Previsico raised GBP 1.8 million (USD 2.1 million) in a seed funding round led by Foresight Group. The funds were to be used to support product development, including IoT sensors. A part of the funds were also to be used for team expansion and revenue growth across the UK and other regions.