IAG Firemark Ventures, the venture capital arm of Australian insurer IAG, has made investments in climate risk technology providers 7Analytics and Near Space Labs.
Based in Bergen, Norway, 7Analytics uses advanced geoscience and machine learning (ML) to develop high-precision models for assessing flood and landslide risks.
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Its predictive models enable insurers to accurately pinpoint risk at the individual asset level for both residential and commercial properties.
7Analytics co-founder and chief operating officer Jonas Aas Torland said: “In recent years we have seen intense precipitation impact entirely new areas and our platform assumes the next big event could happen anywhere.
“This investment from Firemark Ventures will help our company accelerate, scaling both commercially and geographically.”
Near Space Labs specialises in stratospheric balloon technology, providing aerial imagery and data collection services for various industries.
The company is said to have the potential to capture high-resolution data from up to 100,000ft, providing cost-effective solutions for businesses.
Near Space Labs CEO Rema Matevosyan stated: “By partnering with Firemark Ventures, we will gain valuable insights, expertise and resources that can help us enhance our operations, expand our reach and better serve our customers.”
The latest funding adds 7Analytics and Near Space Labs to the venture’s group of 25 portfolio companies, including RavinAI.
RavinAI leverages tow truck driver imagery, helping IAG to reduce the time from claim lodgement to assessed total loss by an average of 11 days, IAG said.
IAG Firemark Ventures general partner Scott Gunther said: “IAG Firemark Ventures’ purpose is to bring the outside world into IAG, by investing and partnering with start-ups to transform how we deliver insurance. We have a proven record of successfully connecting our start-up portfolio companies with our business to deliver on our purpose.”
In November 2024, IAG announced plans to acquire a 90% stake in the Royal Automobile Club of Queensland’s insurance underwriting business.
However, the Australian Competition and Consumer Commission has raised concerns about the acquisition’s potential effects regarding personal lines and repair services, and is currently seeking feedback.
