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.
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.
NY-based insurance platform for parametric products Arbol announced that it has raised ~$7 million in a Series A round that included Finch Finance, Space Capital, and 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.
Arbol has introduced weather risk insurance, a parametric coverage product, built on the blockchain to provide rapid payments in the event of loss without drawn-out claims processes. The company’s products are currently being deployed in the maritime, energy, hospitality, and agriculture industries, where weather risk can be severe.
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.
What sets Arbol apart from traditional insurers is that our weather risk platform is parametric. What does this mean? It means that contracts are paid out based on data as opposed to a subjective claims process where a human adjuster comes to your home or businesses to assess the damage. This is important because the subjectivity, loopholes, delays, and potential for fraud that are seen all too often with traditional insurers are eliminated for our clients. Once the threshold for loss in a contract is triggered by the applicable dataset an agreement is structured on, the client gets paid automatically. It’s that simple.
They’re tackling a problem which affects billions of people.
Arbol provides crop insurance for small to medium-sized farmers or enterprises.
Blockchain is introducing substantial efficiency gains to the insurance industry.
Arbol, a provider of marketplace technology that supports parametric risk transfer or weather insurance and utilises smart contracts, told us that it has lined up $250 million of capacity from non-traditional market sources to help it expand.
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.
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.
LA Blockchain Summit, Arbol CEO and Chainlink Co-Founder Sergey Nazarov explore how blockchain-based parametric insurance is reliably automating traditional insurance processes and providing cryptographic guarantees around real-world data feeds and payouts for users relying on critical coverage.
Sid Jha from Arbol presents a SmartCon Keynote on the demand and opportunity for smart contract insurance. Arbol integrated with Chainlink to bring parametric insurance to farmers around the world.