Teren, formerly known as SolSpec, has raised $ 4 million in seed funding.
“This change reflects the company’s focus on analyzing changing landscapes, environmental threats and asset conditions over time using actionable 4D information,” Teren said in a statement from hurry.
The company said the funding, led by Allos Ventures, would allow it to increase its workforce by 40% “to meet the rapidly growing remote sensing market estimated at more than $ 13 billion by 2027”.
Teren says demand for his analyzes has come from the oil and gas industry, which has traditionally looked to the company to help it deal with geological threats that can damage pipelines or pose other environmental threats.
Today, Teren wants to start creating solutions to help the insurance, solar, environment and transportation industries cope with climate risks. The company said it has developed “pre-construction surveys and analysis for solar installations and pre-burn and post-burn analyzes to improve forest fire mitigation and response.” “
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This comes at a time when these threats are becoming more and more expensive. According to the National Centers for Environmental Information (NCEI), last year saw “22 separate billion dollar weather and climate disasters across the United States, shattering the previous annual record of 16 events, occurring in 2017 and 2011 ”.
The NCEI said earlier this year that those events included seven disasters related to tropical cyclones, 13 to severe storms, one to forest fires and one to drought. In total, these events cost the country $ 95 billion in damages.
The Denver-based company says it can detect, prioritize and track potential environmental threats, processing data faster and more cheaply than other solutions.
“Our customers have long been plagued by the need to identify the source of their data – whether satellite, drone or airborne – as well as the type of sensor, and then hire specialists to analyze the data,” said said Toby, co-founder and CEO of Teren. Kraft. “We remove all entries and focus on the business decisions our customers need to make. It’s a whole new way for our clients to assess all the external forces threatening their physical assets.