NEW CLIMATETECH-INSURANCE JOINT VENTURE AS AUSTRALIAN-ISRAEL-NEW YORK COOPERATION KICKS OFF BETWEEN IAG FIREMARK VENTURES AND JVP
- IAG Firemark Ventures, JVP, and Margalit Startup City are partnering to develop technologies and startups to measure and mitigate risks from climate change.
- The collaboration aims to support and scale climate technological solutions to help insurers achieve their global energy, environmental, and sustainability goals.
- The partnership will encourage collaboration with corporations, startups, and emerging businesses to support climate technological solutions.
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IAG Firemark Ventures, Jerusalem Venture Partners, and Margalit Startup City Join Forces to Tackle Climate Change Risk Assessment
As the global climate crisis continues to evolve, the need to combine AI predictions and analytics becomes paramount with climate change introducing new risks and uncertainties that directly impact the insurance industry – both for individual consumers and insurance providers. Extreme weather events like hurricanes, floods, wildfires, and droughts have become more frequent and severe, leading to increased property damage, crop losses, and business disruptions. Consequently, insurance companies face higher claims payouts and increased financial risks.
IAG Firemark Ventures, JVP and Margalit Startup City NYC will be encouraging collaboration with corporations, startups and emerging businesses to support and scale climate technological solutions to help insurers achieve their global energy, environmental and sustainability goals.
Erel Margalit, Founder and Chairman of JVP and Margalit Startup City, noted, "As extreme weather conditions and climate change are increasingly impacting the livelihood of individuals worldwide, insurance companies are actively searching for new technologies, including AI predictions and analytics, with the aim of providing secure coverage for challenging climate conditions. We are delighted to have IAG Firemark Ventures as our partner, along with MINI and other partners, as we explore new technologies globally in the US,
Scott Gunther, General Partner of IAG Firemark Ventures: said "As an insurer, we see first-hand the impact climate change is having on our customers, communities, business and our industry. For this reason, IAG Firemark Ventures has ClimateTech as a key startup investment focus area for the future and why we have entered into this important partnership. We look forward to working with the International ClimateTech Centre to help ClimateTech startups' scale to help deliver on our climate and environmental goals."
The International ClimateTech Center takes an entirely new approach to ClimateTech, whereby mainstream technologies join forces with the worlds of Insur-tech, Fintech, cyber, Foodtech and AgriTech, to tackle the climate crisis in the most innovative manner possible. The Center was launched in partnership with Mini and Urban-X in September 2022, and works to help scale
sustainable, technological solutions to climate change in urban landscapes, with an accelerator program that has so far attracted more than 500 startups from the US,
Companies already operating out of the Center include tech unicorn Earnix, a JVP portfolio company which is a leading provider of intelligence operations for insurance and banking, and will play a crucial role in this collaboration; Greeneye, an AI-driven startup revolutionizing pest control in agriculture; and Dryad, which provides early forest fire detection, as well as health and growth monitoring solutions for public and private forests.
The collaboration between IAG Firemark Ventures, JVP, and Margalit Startup City will officially commence in June 2023. By combining resources, investment capabilities, industry expertise and a global market share, this collaboration aims to nurture and propel emerging technologies that have the potential to reshape the insurance industry's approach to risk assessment.
About Jerusalem Venture Partners (JVP)
Founded in 1993 by Dr. Erel Margalit, JVP is an internationally renowned VC fund. It is among the pioneering firms of the Israeli VC industry and has raised over
About IAG
IAG is the parent company of a general insurance group with operations in
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SOURCE JVP
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