Foresight Group, a publicly traded private equity and infrastructure investment manager, has made a Â£ 1.75million growth capital investment in Previsico Limited, developer of an accurate forecasting and reporting system. flood warning.
The investment is jointly funded by the Midlands Engine Investment Fund and Foresight Williams Technology and will allow the Loughborough University spin-out to further develop the Previsico platform, allowing it to be used in more cities and regions. support the creation of new jobs in Loughborough. The goal is to increase the workforce from 17 to 70 by 2024.
Floods are currently one of the most damaging natural hazards. Going forward, with a more volatile climate and increased urbanization, global flood losses are expected to increase tenfold to $ 1 trillion by 2050, according to the World Resources Institute. As climate change makes severe weather more frequent, there is a growing need for accurate flood predictions.
Previsico’s technology is currently the only one capable of predicting and providing hyperlocal alerts for surface water flood events that potentially affect nearly 26 million properties in the UK alone. Aviva estimates that one in five properties in the UK are located in areas at risk of surface water flooding.
It can also warn customers up to 48 hours in advance of a potential flood, giving them time to prepare, minimize and prevent significant flood damage. For now, sensors are only found on rivers to warn homeowners of impending flooding.
Previsico’s technology was developed by Founder and Scientific Director Dapeng Yu, Professor of River Dynamics at Loughborough University and a leading expert in hydrology. It combines data with proprietary algorithms to create automated alerts, highlighting areas at imminent flood risk. The recent flash floods in London have resulted in the closure of eight tube stations, one DLR station, numerous roads and damage to hundreds of homes. The majority of affected areas were not covered by current warnings from environmental agencies.
FloodMap Live currently covers the UK, but has also been applied in places like Houston, New York and Tokyo. Establishing new territories, particularly the United States and Southeast Asia, is an important part of Previsico’s expansion plans. Flood warnings are a subset of the global incident and emergency management market, which was estimated at $ 92 billion per year in 2020 and is expected to reach $ 123 billion per year by 2025.
Previsico is led by Jonathan Jackson, CEO, who joined the company in 2019.
Commenting on the investment, Jordan Lavender, Chief Investment Officer at Foresight, said: âWe are really excited to be working with Previsico and helping to develop this market-leading technology that was created out of Loughborough University. . Since meeting the team, we have been impressed both by the technical and commercial experience within the management as well as by the interest shown in the platform by a range of clients. The technology has strong ESG credentials and the company is well positioned to capitalize on some promising opportunities as it appears to expand over the next few years. “
Matthew Burke, Head of Technology Ventures WAE, added: âWith the increasing risk of flooding from climate change, there has never been a greater need for highly accurate predictive flood mapping services to help mitigate the devastating effects. flooding on homes and businesses. With this investment, we are confident that Previsico’s technology will quickly become a must-have product for insurers and asset owners.
Jonathan Jackson, CEO of Previsico, added: âPrevisico’s mission is to be the world’s leading provider of advanced flood forecasting technologies. We are gaining momentum in the market and are delighted that Foresight, the Midlands Engine Investment Fund and Foresight Williams Technology have recognized this, allowing us to accelerate our product development, team expansion and sales growth, in the UK and beyond.