7Analytics, a Bergen, Norway-based startup that uses Artificial Intelligence (AI) and Machine Learning (ML) to predict flood behavior, announced that it raised $2.5 million (approximately €2.5M) in a Seed round of funding.
The round was led by Momentum Partners, with participation from Construct Venture, Link Capital, and Obos VC.
7Analytics will use the funds to create models for other natural risks such as landslides and biodiversity.
“If you look at the natural hazards on the global scale, flooding has the highest economic impact on society,” said, Jonas Toland, co-founder of 7Analytics. “We need innovation to mitigate flood risk, so a flood prediction tool was an impactful starting point for us.”
The funding ushers in a new era for 7Analytics, as it accelerates product development and expands into new areas in desperate need of an efficient nature risk instrument with high precision and usability.
Company: 7Analytics AS
Round: Seed Round
Funding Month: September 2022
Lead Investors: Momentum Partners
Additional Investors: Construct Venture, Link Capital, and Obos VC
Company Website: https://www.7analytics.no/
Software Category: Flood Prediction
About the Company: Founded in 2020 by geologists and data scientists to model and predict flood behavior. 7Analytics is building a unique, AI-based ecosystem for sustainable urban planning. Its innovative FloodCube software, the first cube of its planning ecosystem, utilizes automatization and AI to allow rapid and safe analysis for stormwater management. The company’s first product, FloodCube, is used by various customers, including Bergen Municipality, Skanska (a contractor), and Multiconsult (a consulting engineer). 7Analytics secured important customers and partners in Norway, the US, and Brazil and are now scaling to meet increasing demand and have joined forces with StormGeo to address the rising damage costs by real-time flood prediction.