SILICON VALLEY, Calif., March 19, 2019 (GLOBE NEWSWIRE) -- Jupiter (www.jupiterintel.com), the leading provider of predictive data and analytics to manage climate-related risk, announced today that it has aggressively expanded its global coverage, begun work with new customers, and continued to roll out new industry-defining products. The announcement follows the company’s $23 million Series B funding round, which secured capital for further expansion and groundbreaking scientific updates.
These accomplishments underscore both the urgent need for dynamic, accurate physical risk assessment to address the numerous perils associated with global climate change, and Jupiter’s unique ability to address that need. Jupiter today announced:
● Additional Partnerships, Customers, and Industry Verticals – New partnerships include global insurance leader QBE and insurance-linked securities leader Nephila Capital, and new work is underway in the critical infrastructure, industrial, real estate, and banking industries. Jupiter is now working with nearly 10 of the Global 1000 customers in the U.S., Europe, Asia, and Australia. In addition to previously announced work with New York City, new customers include the city of Miami and the federally-funded Rebuild by Design Hudson River Project.
In the critical infrastructure sector, Jupiter is working with one of the five largest U.S. power providers providing high-resolution projections over a 50-plus-year time horizon for extreme heat, humidity, and multi-day heat events, optimizing the value of billions of dollars worth of electrical equipment across cities. Jupiter’s work continues with consulting, construction, insurance, and defense firms.
In the mortgage sector, Jupiter helps commercial and residential lenders understand portfolio exposure to climate risk over a 30-plus-year timeframe under multiple scenarios. Lenders use this data to provide ongoing risk exposure to climate change, report to shareholders, conduct research on best underwriting strategies, and provide clients with value‑added analyses.
In the oil and gas industries, Jupiter is working with one of the five largest global energy companies to predict future flood and wind gust risk for coastal, inland, and offshore facilities including both upstream (exploration and production) and midstream (refining, pipeline transportation) operations. Jupiter’s oil and gas customers are evaluating extreme climate events for time horizons up to and exceeding 50 years.
● Expanded Global Reach – Jupiter’s customers are using FloodScore™ Planning predictive services in New York City, Houston, Miami, the Carolinas and Rotterdam, with London, Tokyo and Singapore launching soon and many additional domestic and international geographies available in 2019.
● New Products and Features – Jupiter has introduced the ClimateScore™ 2.0 Intelligence Platform, which includes FloodScore Planning, and added FloodScore Operations, which predicts short-term, hyper-local flooding risk. The platform now also includes HeatScore™, which predicts the increasing risk of more frequent and intense extreme heat events. The company will launch FireScore™ Planning and Operations and WindScore™ risk prediction products in 2019, along with multiple additional perils.
National Climate Assessment Fuels New Urgency for Jupiter Solutions
“Jupiter continues to expand its scope and services into new perils, geographies, and industry verticals,” said Rich Sorkin, CEO and co-founder of Jupiter. “November’s National Climate Assessment Report and the recent UN Global Linkages Arctic study clearly highlight the urgency of adaptation efforts to respond to the immediate and future state of a changed climate.”
“The increasing frequency and devastation of events like Hurricane Michael and the 2018 California wildfires are another wake-up call for businesses to incorporate climate risk into their planning,” Sorkin continued. “Climate change will affect every aspect of human industrial capacity — including the reliability of the power grid, supply chain management, and maintaining adequate food and water supplies. Quantifying and responding to the risks associated with climate change is now essential.”
Jupiter customers in the insurance and financial industries also offered public statements of support.
“With each passing year, it becomes clearer that the insurance industry must factor climate change into its underwriting and pricing practices. Climate change affects everything we do as a company,” said David McMillan, Group Chief Operations Officer at QBE, one of the world’s largest property and casualty insurance companies. “Jupiter and QBE are collaborating to improve underwriting and pricing processes and offer climate risk adaptation expertise to our customers.”
“Nephila seeks to provide efficient capital solutions to weather and climate risks that affect all market sectors and economies globally,” said Barney Schauble, Chairman of Nephila Climate, the world’s largest insurance-linked securities firm. “We’re working to apply Jupiter’s state-of-the-art capability to predict extreme weather risks to businesses seeking protection, especially in the utilities and public sectors.”
Jupiter Continues to Enhance Existing Solutions
In addition to its expanded customer base in 2018, Jupiter announced major updates to its risk prediction products. Its ClimateScore platform now combines data analytics with weather, hydroscience, heat, fire and climate models. It provides AI-driven clarity on climate risk, and incorporates novel machine-learning techniques. Ingesting data from millions of ground-based and satellite sensors, ClimateScore runs multiple linked prediction models on an elastic exascale computing platform, delivering hyper-local risk analyses on cloud-based supercomputers while never running out of computing capacity.
About Jupiter
Jupiter is the global leader in data and analytics services to better predict and manage risks from extreme weather, sea-level rise, storm intensification and rising temperatures caused by medium- to long-term climate change. Jupiter’s ClimateScore™ Intelligence Platform provides sophisticated, dynamic, hyper-local, current-hour-to-50-plus-year probabilistic risk analysis for weather in a changing climate. The company’s FloodScore™ and HeatScore™ services are already used for managing climate-related risk assessment and management for New York City, South Florida, Houston and Europe with global expansion underway. Jupiter’s models are based on the latest science, as developed by the global Earth and Ocean Systems science community.
Jupiter offers commercial services to asset owners in critical infrastructure, financial services including insurance and banking, energy and real estate, and the public sector. These customers use Jupiter services for a broad range of applications, including capital planning, risk management, site selection, design requirements, supply chain management, investment valuations, and shareholder disclosures.
MEDIA CONTACT:
Hugh S. Moore for Jupiter
hugh@broadsheetcomms.com