Artio, a Climate insurtech startup, has raised £550,000 in a seed round led by Lifetime Ventures. The investment is a first step to promoting more renewable and carbon removal projects, according to the company’s founders.
“I’ve directly seen carbon project investments fall through due to the risk of under-delivery,” said Bilal Hussain, Artio’s CEO. “We need data sets built for early-stage risk modeling, and that’s what we are building to power our insurance products.”
Artio aims to develop insurance products for carbon removal projects, which can mitigate risk for investors looking to back those initiatives. According to the company, providing insurance will create a cascade event in which more investors jump into carbon removal, creating an influx of high-integrity carbon credits for companies and governments to purchase.
Artio provides other environmental products in addition to its proposed insurance products, including an automated feasibility tool that helps test concept projects using carbon and economic analysis.
SFC Capital, a United Kingdom-based investment firm, also contributed to the round. Artio aims to release its first insurance products early next year.
