A Bristol company that uses data to asses the risk of flooding has received a minority investment from Moody's Corporation - a New York Stock Exchange listed business.
Fathom was founded in 2013 by academics from the University of Bristol’s Hydrology Research Group.
The company's data is used for climate risk decision-making around the world by organisations in reinsurance, banking, engineering and corporate risk management, including Microsoft, Nasdaq, Aon, and the World Bank.
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As part of the investment, Moody’s will assume a seat on Fathom’s board of directors. Fathom was advised on the deal by tech-focused investment bank ICON Corporate Finance, which has offices in Bristol, London and San Francisco.
“National and regional economies, insurers and financial services all need flood mapping data they can rely on, as the impact of flooding can have extremely serious physical, financial and environmental consequences today, that will further be exacerbated by climate change and urbanisation,” said Christopher Samson, co-founder at Fathom.
“We’re delighted that the team at Moody’s has recognised this and understands the potential of our growing business.”
Fathom has created flood datasets using cutting-edge science and research. In the last year, it has launched detailed flood risk models for the US and 海角视频.
According to data from Fathom’s new 海角视频 Flood Risk Model, launched in early 2021, the number of properties in Great Britain at substantial risk of flooding will rise by 24% to 1.35 million over the next 30 years due to climate change.
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“Our team of scientists and researchers constantly push the boundaries of flood mapping and risk data,” said Andrew Smith, co-founder at Fathom.
“Moody’s in-depth industry knowledge will help us to reach new markets and countries where this detailed level of flood data is urgently required.”
According to Fathom, its data is used to inform environmental, social and governance (ESG) policy and helps to mitigate the "potentially devastating" socio-economic impact that flooding can have.
Stuart Whitfield, chief executive of Fathom, said: “Moody’s investment in Fathom is further testament to the quality of Fathom’s underlying technology and data. This will enable us to accelerate our plans to become the world’s leading provider of water risk intelligence.”
Nicky Cotter, head of fintech at ICON, added: “As the leading firm in flood modelling, Fathom appealed to a wide range of investors including world class VC and CVC leaders from Silicon Valley to New York and London, and we are delighted to have supported this transaction with such a powerful strategic investor as Moody’s.”
Fathom’s legal advice was provided by Ashfords LLP.
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