Descartes Underwriting, an insurance tech company specializing in climate risk modeling and transfer, today announced it has raised $18.5 million. A spokesperson told VentureBeat the funding will be used to support Descartes’ global expansion into the U.S. and Asia, as well as the opening of new offices in New York and Singapore. The Paris-based firm claims it leverages various sources — including internet of things and remote sensing devices — that feed into AI and computer vision algorithms to make predictions about risk. For a limited number of insurance partners, the company also designs custom solutions with pricing engines, backends, and APIs. “This raise will fuel our ambition to become the global leader in parametric insurance solutions for large corporations and governments,” Touffut told VentureBeat via email.
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