Fire season began early in California, with flames nearing a former nuclear test site outside Los Angeles. Rising natural-disaster frequency in California and globally is driving attention toward risk management, including venture investment. Convective Capital announced an $85 million early-stage fund after a prior $35 million fund. The earlier fund relied mainly on wealthy individuals, while the new fund is largely backed by institutions such as insurance companies and asset managers. The fund expands from “firetech” to a broader resilience thesis focused on providing risk management in the physical world. Investments include AI fire-detection cameras, autonomous aircraft for firefighting, brush-clearing robots, and home hardening insurance, plus new investments in timber mills and AI-driven home design.
"With its new fund, Convective is expanding its mandate beyond the threat of wildfire to an evolved thesis focused on resilience to "provide risk management in the physical world." "There's $60 trillion of real estate at high risk from disasters, the U.S. spends a trillion dollars a year mitigating and recovering from disasters, we need a new approach to this," Clerico told TechCrunch."
Read at TechCrunch
Unable to calculate read time
Collection
[
|
...
]