Understory, a Madison, WI-based provider of an insurance platform protecting climate-vulnerable industries from severe weather risk, raised $15M in Series A funding.
The round was led by True Ventures and Prelude Ventures.
The company intends to use the funds to drive its expansion into the renewable energy sector.
Led by Alex Kubicek and Neil Irwin, Understory is a provider of insurance solutions built for the era of climate change. Its global network of Dot weather stations empowers sophisticated weather risk models by combining mutualized, optimized risk structures with precision weather technology and modeling.
Following the launch of the Dealers Open Lot insurance solution, which offers risk management for U.S. auto dealers and has provided protection for dealer inventories across nearly 1,000 locations from Hawaii to Delaware, the company is launching a product offering focused on the renewable energy sector. This product harnesses Understory’s proprietary risk mitigation technology that has already reduced weather damage for its clients by over $65m and effectively reduced overall claim trends by 60%.
