Independent data and analytics firm Entelligent has announced the first close of its funding round for its predictive climate risk assessment platform.

The fundraising round was led by financial and technology investors Societe Generale, North Base Media and The Oak Creek Group.

Entelligent’s platform uses climate scenario forecasting that allows asset-management, insurance firms, banks and other financial institutions to evaluate long term climate risks to their investment portfolios.

Thomas H. Stoner, Jr., CEO of Entelligent said: “Financial market leaders are now recognising the climate crisis.

“But that’s not enough. If financial firms want to address the real, long term risks they and their investors are exposed to – and make today’s net zero targets a reality – they have to embrace advanced climate science technologies and data.”

The firm, founded by NASA Scientist David Schimel, measures the impact the effects of climate change transition will have on companies.

Lindsay Ryan, Societe Generale’s ESG Program Manager, Global Markets Americas, who is joining the board of Entelligent added: “Investors increasingly understand that climate change and ESG factors are as integral to the investment decision-making process as fundamental analysis.

“Entelligent, like SocGen, understands the need to bring advances in climate tech to a financial services community that is more receptive to understanding how the environment impacts the financial choices we make.”