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        IBM, has released a new open source AI foundation model for weather and climate applications. The model was developed in collaboration with NASA, and is available on Hugging Face for scientists, developers, and businesses.
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        The model is designed to address short-term weather and long-term climate projection challenges. It can create targeted forecasts based on local observations, detect and predict severe weather patterns, improve the spatial resolution of global climate simulations, and enhance the representation of physical processes in numerical weather and climate models.
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        Additionally, it can be fine-tuned to global, regional, and local scales and can depict weather and climate data at up to 12x resolution, generating localized forecasts and climate projections.
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  <p>
    <a href="https://research.ibm.com/blog/foundation-model-weather-climate">
      Press Release
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    <a href="https://www.ndtvprofit.com/technology/ibm-releases-open-source-ai-model-on-hugging-face-for-weather-climate-applications">
      NDTV Profit
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Climate Risk Analytics

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 <p>IBM has unveiled a new open source AI foundation model, developed in partnership with NASA, for weather and climate applications. Available on Hugging Face, the model is targeted towards scientists, businesses and developers.</p>
 <p>This climate model is geared to tackle both short-term weather and long-term climate prediction issues. Its key features include facilitating targeted forecasts based on locale-specific observations, predicting and detecting extreme weather phenomena, enhancing the spatial resolution of global climate simulations and refining the representation of physical processes in numerical weather and climate models.</p>
 <p>With scalability to global, regional, and local standards, the model can also represent weather and climate data at a resolution up to 12 times higher, thereby enabling the generation of localized forecasts and climate projections.</p>
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IBM releases open-source AI model for weather and climate applications

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 <p>Assurance and risk management provider, DNV has teamed up with Jupiter Intelligence, an AI/ML-based physical climate risk analytics solution company, to introduce a new hail risk assessment service for Solar PV developers in North America. The new service provides accurate, actionable assessments of significant hail risks throughout North America.</p>
 <p>This service makes use of Jupiter Intelligence's climate science for a statistical approach to evaluating hail risk due to climate change. It offers likelihood assessments of hail incidents and their size for particular locations, covering present and future scenarios up to 30 years in the future. This helps project owners and developers to better predict and minimize risks to their solar projects.</p>
 
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DNV partners with Jupiter Intelligence to launch climate-driven hail risk service for solar PV

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 <p>The Demex Group, a specialist in parametric insurance for winter weather management, has secured USD 10.25 million in Series A and SAFE financing. The fundraising was led by Congruent Ventures and saw participation from investors including Moxxie Ventures, MetaProp, and existing contributor Blue Bear Capital. This latest funding round brings Demex's total investment to USD 28.5 million.</p>
 <p>The financing will be used to support ongoing product development to address increasing demand for Demex's weather and climate-related reinsurance solutions, primarily in mitigating losses arising from severe convective storms.</p>
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The Demex Group raises USD 10.25 million in Series A funding for product development

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 <p>Hydrosat, a geospatial data analytics company, has initiated the launch of its first self-owned satellite, VanZyl-1. Equipped with a thermal infrared camera, the satellite was deployed on Loft Orbital's YAM-7 spacecraft using SpaceX's Falcon 9 rocket. The launch took place at Vandenberg Space Force Base in California.</p>
 <p>The purpose of VanZyl-1 is to provide detailed thermal images and insights related to land and water. It is designed to monitor water stress in farming and mitigate the impacts of climate change. Its targeted users are farmers, government agencies, and researchers who require accurate thermal imagery.</p>
 <p>Hydrosat asserts that the data gathered by VanZyl-1 will enhance agricultural and climate models, revolutionize resource management comprehension, and facilitate accurate decision-making on pressing global issues. To offer worldwide coverage, the company intends to manage a constellation of 16 satellites in sun-synchronous low-Earth orbit.</p>
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Hydrosat launches VanZyl-1 satellite for thermal imaging

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 <p>NVIDIA Research has launched StormCast, a new GenAI model for mesoscale weather forecasting for disaster preparation and mitigation. Mesoscale weather is larger than storms but smaller than cyclones.</p>
 <p>The StormCast model predicts over 100 variables including temperature, moisture concentration, wind, and rainfall radar reflectivity values at multiple altitudes, enabling up to six-hour weather forecasts. These forecasts are reportedly up to 10% more accurate than NOAA's 3-kilometer operational convective model.</p>
 <p>NVIDIA highlights StormCast's ability to validate the realistic 3D progression of a storm's buoyancy, marking it as a pioneering AI weather simulation. This model is an integral part of NVIDIA's Earth-2 digital twin cloud platform, which strived to provide highly accurate and speedy simulation and visualization of weather and climate forecasts on a global level.</p>
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NVIDIA announces StormCast AI model for weather prediction

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 <p>Floodbase, a flood intelligence platform, has partnered with Amwins, a specialty insurance distributor, to launch the Tees-to-Green flood insurance program for US golf courses.</p>
 <p>The program, expected to launch in 2024, uses Floodbase's AI monitoring technology to provide flood coverage for business interruption and course damages. As such, it fills a gap in existing flood insurance for golf courses, offering reimbursement for lost revenue and repair costs due to flooding.&nbsp;</p>
 <p>The parametric insurance product uses satellite technology to monitor flooding, enabling quick, automatic payouts when flooding exceeds predefined levels.</p>
 
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Floodbase partners with Amwins to offer flood insurance for US golf courses

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 <p>ZestyAI, a company that specializes in AI-driven climate and property risk analytics, has grown its partnership with auto, home, and life insurance provider, Amica Mutual Insurance. </p>
 <p>Through this partnership, Amica will be able to utilize ZestyAI's comprehensive property and climate risk analytics platform. This includes AI-based hail and wind models (Z-HAIL and Z-WIND) and a property risk solution (Z-PROPERTY). They will be able to integrate these tools with their existing wildfire risk assessment (Z-FIRE) and regulatory compliance solutions.</p>
 <p>The growth of this partnership enables Amica to shift from territory-based segmentation to a more precise property-based risk assessment approach. As a result, they can improve their underwriting and portfolio optimization capabilities. Moreover, it provides Amica with a better understanding of the risks for individual properties. This empowers them to make more informed, transparent risk decisions in light of the increasing severity of weather events.</p>
</div> <p><b>Analyst QuickTake:<br>
</b> In <a href="https:<br>
//sp-edge.com/updates/28766"> April 2024 </a> , the company entered into a similar partnership with Florida Peninsula, a homeowners insurer, to improve its property risk analytics. As part of the collaboration, using advanced computer vision and machine learning, Florida Peninsula optimized ZestyAI's Z-PROPERTY Location Insights solution to obtain property data from multiple sources.</p>

Amica Mutual expands partnership with ZestyAI for climate and property risk analytics

ZestyAI receives approval for storm models in Texas

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 <p>Climate X, a UK based climate risk analytics firm, has joined forces with Equans, a UK based sustainable facilities management and energy service provider.</p> 
 <p>This partnership empowers Equans to utilise Climate X's leading software platform, Spectra, in combination with their facilities management, engineering, and construction expertise. The objective is to enhance the resilience of built-environment organizations to climate change impacts by offering insights into climate risk and adaptation solutions.</p>

</div> <p><b>Analyst QuickTake:<br>
 </b> This partnership follows the company’s Series A funding round led by Google Ventures, which raised EUR 16.8 million (USD 18 million) to expand the company’s presence in Europe, North America, and Asia-Pacific in <a href="https:<br>
//sp-edge.com/updates/30827"> June 2024 </a> <b>.</b></p>

Climate X partners with Equans to bring climate resilience to the built environment

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 <p>Descartes Underwriting, a French parametric insurance provider, has expanded its US presence by opening two new offices in Scottsdale, Arizona, and Richmond, Virginia, making a total of eight US offices.</p>
 <p>The company's global operation now includes 16 worldwide offices located in regions such as Europe, Asia, and Oceania, employing 200 individuals globally.</p>
 
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All Updates

IBM releases open-source AI model for weather and climate applications

DNV partners with Jupiter Intelligence to launch climate-driven hail risk service for solar PV

The Demex Group raises USD 10.25 million in Series A funding for product development

Hydrosat launches VanZyl-1 satellite for thermal imaging

NVIDIA announces StormCast AI model for weather prediction

Floodbase partners with Amwins to offer flood insurance for US golf courses

Amica Mutual expands partnership with ZestyAI for climate and property risk analytics

ZestyAI receives approval for storm models in Texas

Climate X partners with Equans to bring climate resilience to the built environment

Descartes Underwriting expands US presence with two new offices

Climate Risk Analytics

IBM releases open-source AI model for weather and climate applications

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