Earthquake damage analytics startup raises $9m
Backed by JLL Spark and A/O Proptech, Safehub has raised $9m in Series A funding to expand its disaster analytics software.
Safehub uses IoT sensors, data and analytics to deliver real-time, building-specific earthquake damage information. The platform analyses the data and deploys alerts through a web-based dashboard, text messages and emails.
The information gathered is used to estimate damage to individual buildings and portfolios, gauge related business interruption losses, and inform customers within a matter of minutes. That means someone based in
Based in San Francisco, Safehub’s solution is a response to the growing risk of natural disasters and the business interruption they cause.
Natural disasters cost global economies about $210bn last year, according to German reinsurer Munich Re – a sharp rise from $166bn the year before.
Meanwhile, business interruption is the most important business risk of 2021, according to an industry survey by Allianz, with a third of respondents fearing the impact of natural disasters most.
Safehub has plans to roll out software “for all global commercial buildings” to provide them with risk insight for a range of risks and disasters.
Led by A/O Proptech, the latest funding round also included Hannover Digital Investments and JLL Spark. Existing investors Fusion Fund, Ubiquity Ventures, Promus Ventures, Bolt, Blackhorn Ventures, Maschmeyer Group Ventures, and Team Builder Ventures also contributed to the round.
Gregory Dewerpe, founder of A/O Proptech, said: “As Covid-19 and Suez have demonstrated, supply chains and business interruption can have catastrophic effects on our economies and businesses.
“Extreme weather and natural-disaster-related interruptions have the potential to be just as devastating to companies around the world, regardless of their location. In a globalised world, having real-time access to valuable data and insights has become critical to understand, assess and make fast paced decisions impacting lives, costs and operations.”
Andy Thompson, co-founder and CEO of Safehub, said: “Never before have businesses had this level of information at their fingertips, allowing them to quickly assess damage resulting from catastrophic events, often on the other side of the world.
“Our vision is to use IoT building sensors and advanced data analytics to provide real-time risk insight for all global commercial buildings, for multiple hazards. We are transforming the entire risk ecosystem, including emergency response, business continuity, structural engineering and insurance.”