Blockchain. Machine learning. Alternative data. Climate change. It seems like Arbol Market, a new insure-tech platform, is hitting every buzzword, and the startup's quick growth is proving there's a market for its products.
Arbol was founded by Sid Jha, a former quant at Ken Griffin's Citadel who brought a machine-learning approach to trading commodities, and his brother Osho Jha, the firm's chief data scientist who has worked at data shops like M Science and asset managers like BlackRock and J. Goldman & Co.
Arbol Inc. announced today that it has closed its Series A fundraising round with commitments totaling nearly $7 million. Arbol's Series A round was oversubscribed and completed at a significant increase in valuation from its initial seed round. All of the company's original seed investors, including Finch Finance LLC and Space Capital, recommitted for the Series A round, in addition to one new investor, Mubadala Capital-Ventures.
Parametric InsurTech start-up Arbol has raised $7mn in series A funding, with existing investors Finch Finance and Space Capital putting in more capital and the Abu Dhabi-based fund Mubadala Capital-Ventures also buying equity.
We are excited to announce the world’s first live, in-production weather coverage product on the blockchain. It uses smart contracts and Chainlink oracles to provide anyone with an Internet connection access to blockchain-enforced weather coverage that immediately settles based on weather data. This completely changes the way businesses and farmers all over the world hedge risk, allowing them to safely expand their operations knowing they are fully covered against periods of unforeseen weather events.
Global Parametrics and reinsurance giant Hannover Re are together supporting a weather risk insurance pilot scheme that is powered by Arbol’s technology and smart contract driven marketplace for weather risk transfer.
Today, we are proud to introduce the world to dClimate, a decentralized marketplace where climate data, models, and forecasts are standardized, monetized, and distributed.
Those of us living in developed nations might take the importance of accurate local weather forecasting for granted. The only reason to check the weather forecast in some locations is so that you can make personal preparations: Do I need to carry an umbrella today? Do I need a jacket? Snow boots? But while we might use a weather forecasting app on our phones to make personal preparations in our daily lives, there are numerous local businesses, small family farms, multinational corporations, industries with exposure to the weather, and national governments that rely on sound forecasting, climate data, and models to make critical planning decisions at every juncture.
Arbol, the provider of marketplace technology supporting parametric risk transfer and weather insurance, utilising smart contracts, has made a key hire, bringing onboard Hong Guo from GC Securities as its Chief Insurance Officer. Hong Guo joins Arbol as Executive Vice President and Chief Insurance Officer and will lead all insurance related strategy and operations for the company. Guo has almost three decades of global insurance and reinsurance market experience, beginning in China at PICC in the companies reinsurance division and then moving to work at reinsurance broker Guy Carpenter in 1997.
They’re tackling a problem which affects billions of people.
Blockchain is introducing substantial efficiency gains to the insurance industry.
Arbol CEO Sid Jha joined Rebellion Research CEO Alexander Fleiss for a discussion about the future of weather and insurance.
Arbol, another featured IPFS Case Study, was the subject of CTO Ben Andre’s talk on how IPFS helps them sell parametric weather protection agreements.
THE WALL STREET JOURNAL
“Weather insurance (Arbol is a great example). With a smart contract I’m soon going to be able to have the Mavs buy weather insurance where using a smart contract I pick the temperature and precipitation thresholds and the smart contract checks the National Weather Service for my ZIP Code or another chosen data source and on that day or period if the threshold is met, I get Ethereum deposited into my account automatically.