U.S. Fintech company Brex has provided $10 million in growth capital via venture debt to Zesty.ai, a provider of predictive data analytics in the climate risk space. The financing will help Zesty.ai expand into use cases beyond insurance, including lending.
Zesty.ai uses AI to deliver real-time assessments of climate risks associated with real estate assets and portfolios. The company’s technology considers a range of climate risks, including wildfires, floods, hail storms and other catastrophic events, to help enhance the underwriting capabilities of insurers.
“Zesty.ai has built the market-leading data analytics solution that addresses climate risk for insurance and real estate,” said Benjamin Wu, CEO of Brex Asset Management. “Zesty.ai is a great example of the many innovative customers we are championing with Brex Venture Debt. Our mission is to support our customers at every stage of growth and we’re excited to help the Zesty.ai team scale their business quickly.”
“We’re at a major inflection point in the future of climate change that requires innovation in how we assess risk and respond to its effects,” said Atilla Toth, CEO and founder, Zesty.ai. “Zesty.ai is dedicated to helping our customers use the power of AI to better protect families, communities and their financial well-being. Brex Venture Debt lets us focus on our core mission and be flexible in how we scale our business.”
Brex Venture Debt said it differs from traditional bank offerings by providing customers with longer terms and a faster diligence process. It is offered to certain high-growth, venture-backed customers with scalable, recurring revenue business models including companies in the SaaS software, fintech, B2B marketplace, and B2C subscription sectors.
Brex Asset Management (BAM), Brex’s recently launched asset manager focusing on supporting companies with venture debt and growth capital, leverages Brex’s reach within the venture fund-backed startup industry and offers alternative investment opportunities to investors around the world – including institutional investors, endowments and foundations, financial institutions, and private wealth investors. BAM is a wholly owned subsidiary of Brex Inc.
