ClimateTech startup FloodMapp has set a new record for an Australian seed round after raising US$6 million (A$8.4m).
FloodMapp will use the capital injection to scale the company and expand into new markets.
The seed round smashes the seed round record set just last week, when Blackbird, Zip’s Larry Diamond and Steve Baxter’s TEN13 backed the ecommerce fintech Instant in a $2.2 million raise.
FloodMapp provides real time, property-specific flood forecasts, inundation maps and analytics to improve all phases of emergency management. Products ForeCast, NowCast and PostCast provide vital flood intelligence before, during and after flooding to help with preparation, response and recovery.
Co-Founder and CEO Juliette Murphy, said the capital provided an incredible opportunity for the company to establish themselves as world-leaders in real-time flood intelligence for emergency management.
“Since founding the company in 2018, we’ve assembled an incredible and multidisciplinary team who have made the impossible possible in a deep tech. Following years of R&D in AI, hydrology and hydraulics, we’ve developed and scaled our groundbreaking new flood model and we’ve proved the technology in real flood events,” she said.
“Our customers across Australia and the USA are already using FloodMapp to mitigate the impacts of flooding and protect critical infrastructure. ForeCast has been successfully used by emergency managers to plan evacuations and save lives, and NowCast is being used to help drivers navigate around flooded roads in real time. We are now ready for the next stage of our development: scaling the business model to assist more communities and people affected by flooding.”
Nick Grossman, Partner at Union Square Ventures said the match to The Climate Fund was a perfect fit with its focus on working in the climate mitigation and adaptation space.
“Last year, Hurricane Ida brought catastrophic flooding to New York City, resulting in loss of life and devastation. But this is happening on a global scale,” he said.
“The world is facing a climate crisis and we need the best and brightest thinkers, innovators and inventors from around the world to turn their collective talent to finding solutions.
Grossman said FloodMapp it the VC’s first adaptation-focused investment.
“FloodMapp has developed a world-first flood modelling technology to predict flooding at a granular, street level in real time. What excites us most about FloodMapp is the data network effect,” he said.
“By working with emergency managers and communities through partnerships like Waze, FloodMapp is collecting real-time ground observation data to continually validate and improve models.”