Kettle increased $ 25 million Series A, led by Acrew Capital with involvement from Homebrew, True Ventures, Anthemis, Valor, DCVC and LowerCarbon Capital
SAN FRANCISCO, November 19, 2021 / PRNewswire / – water heater, the reinsurance startup that uses advanced deep learning to better protect people from the growing risks associated with climate change, such as: California Forest Fires, announced today that it has reinsured homes and launched a Series A funding round during the 2021 forest fire season. the $ 25 million Round was led by Acrew Capital with participation from Homebrew, True Ventures, Anthemis, Valor, DCVC and LowerCarbon Capital.
Kettle increased $ 25 million Series A Run by Acrew Capital for Forest Fire Protection.
Kettle brings advanced technology to the $ 400 billion-a year in the reinsurance industry, starting with California Forest fires. The industry saw a 68 percent drop in return on equity due to a threefold increase in disasters that more than $ 1 billion damaged in the past 15 years, according to NOAA. In 2021 we saw the Dixie and Caldor Fires in California Burn over 700,000 acres and destroy over 1200 buildings based on Calfire’s data.
Founded by Andrew Engler and Nathaniel Manning, Kettle is structured as a chief executive officer of reinsurance who can take on these increasing risks. Kettle is also setting up its own risk-taking unit. Engler von Kettle has more than a decade of experience in the insurance and reinsurance industry, most recently as Vice President of Digital at the public insurer and reinsurer Argo Group. Manning spent years working with data for humanitarian efforts as CEO of Ushahidi, the largest open source community crisis response software platform, and USAID’s first chief data officer.
“We are very happy to be able to contribute to giving people insight and relief California Insurance market, “said Manning.
“There are 14 million structures in California, and in 2020 ~ 11,500 of them burned down, less than 0.1%. While the risks of forest fires have certainly increased over the past decade, it is important to understand exactly where the risk lies. If we can do that, we can bring stability back California Insurance market. “
In 2020, Kettle’s model predicted that the fourteen largest fires, which accounted for 98% of the damage, would burn in the top 20% of the areas with the highest probability California a hundred plus million hectares. In 2021, the Kettle model predicted the areas consumed by the Dixie and Caldor Fires as some of the most dangerous parts of California.
Kettle’s technology and proprietary algorithms use terabytes of data from public and private data sources such as NOAA weather data and NASA’s MODIS and LIDAR satellites. Kettle’s neural networks run over 140 million model parameters to calculate the probability of fire damage with a resolution of half a square mile across the state.
“If you take a minute to think about it, it becomes very obvious why traditional reinsurers cannot accurately hedge climate risk – their methods look back at the past,” says Lauren Kolodny, Partner at Acrew Capital. “And our climate is changing in ways that historical data cannot predict. Kettle solves a massive, global problem. And we are very excited to deepen our partnership with this incredible team. “
“Climate change is there, it is in the words – the climate has changed,” says Manning. “Now we have to put in place the best possible safety net to help people recover from these disasters.”
water heater uses deep learning and proprietary algorithms to reshape the reinsurance industry and better protect people from the growing risks associated with climate change. Kettle’s first product protects Californians’ businesses, homes and livelihoods with forest fire reinsurance. To learn more, visit ourkettle.com
About Acrew Capital
Acrew Capital is a venture firm that has long-term partnerships with world-class teams uniquely suited to solving big, challenging problems. We believe that the best investment decisions are based on a combination of persuasion and perspective, and that investment should be tailored to the specific needs of each founding team. Acrew’s investment themes include modernizing cybersecurity and infrastructure, rebuilding financial services, redesigning work, networking data, and community / consumer activation. The Acrew founding team previously worked together at Aspect Ventures. The investment team combines Accel experience, Brown University, Google, Greycroft, Imperva, StubHub and Yodlee. Acrew team investments include At-Bay Insurance, Cato Networks, Chime, Divvy Payments, Exabeam, Finix, Pie Insurance, and HotelTonight / AirBnB. Overall, the Acrew investment team’s track record includes 10 initial public offerings, over 25 successful acquisitions, and over 150 rounds of subsequent capital increases, leading to over $ 100 billion in market value and more $ 1 billion as a return for our investors. For more information, visit www.crewcapital.com.
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