Founded on 20 years of academic research by Loughborough's Professor Dapeng Yu, Previsico has been on a fast-track since its launch on Loughborough University Science and Enterprise Park (LUSEP) in 2019.
The investors recognised the traction that Previsico has gained with major corporations – such as Network Rail, National Grid and The Guinness Partnership – and leading insurers – including Zurich, Liberty Specialty Markets and Generali – along with the huge commercial potential for its world-leading live flood forecasting technology and its ability to have substantial, positive environmental and social impact. They were also impressed with the technical and commercial expertise of the management team.
Flooding continues to be the most common and costly natural hazard. Globally, flood-related hazards annually displace tens of millions of people from their homes, with damage running into hundreds of billions of US dollars. These events weaken and destroy infrastructure, upend the livelihoods of families and businesses, and even cause chaos at sporting events, concerts and festivals – including, most recently, Burning Man 2023.
Previsico’s next generation live flood forecasting solution brings together the latest weather data from the Met Office, IoT devices on the ground and its advanced flood modelling capabilities to address the increasing global issue of surface water flooding for insurers, the public sector, major corporate clients and SMEs.
Professor Dan Parsons, Loughborough University Pro Vice-Chancellor for Research and Innovation, said: “This exceptional funding round reinforces the significant global potential of Previsico’s flood forecasting technology.
“It can take years for individuals, businesses and communities to recover from being flooded. This technology will help us become more resilient to the impacts of floods – the risk of which is set to at least double by 2050 due to climate change. Many congratulations to Previsico and the team. I’m delighted.”
Jonathan Jackson, CEO of Previsico, said: “We are thrilled to welcome 24H as a new investor. This not only brings valuable funding, but also provides us access to a valuable network of accomplished business leaders.
“It’s equally gratifying that we’ve seen a significant increase in valuation that reflects the business strong sales growth in 2021.
David Marock, Chairman of Previsico, said: “We are delighted to have secured enthusiastic support from two distinguished investment houses for this funding round. This resounding vote of confidence in our vision – which will enable us to build on our success to date here in the UK while also expanding into the US – fuels our excitement and commitment to enhancing resilience by predicting and mitigating flood impacts globally.”