Class 3 Technologies Raises $3.5M for Climate Resilience Innovations

Class 3 Technologies Secures $3.5 Million to Propel Climate Resilience Software

Class 3 Technologies, a startup emerging from the esteemed Arup consultancy, has proudly announced the successful closure of a $3.5 million seed funding round. This funding was spearheaded by Powerhouse Ventures, with participation from Sustainable Future Ventures and Tailwind Futures. The raised capital will allow Class 3 to scale its innovative platform, Iris, which is redefining climate risk and resilience modeling for buildings and infrastructure.

Addressing Climate Risks with Innovative Solutions

In the wake of increasing climate disasters, organizations overseeing properties have become acutely aware of the urgent need to manage and mitigate these risks. Traditional risk assessment tools have proven inadequate, leading decision-makers to seek a solution that provides specific and actionable insights. Iris emerges as a groundbreaking platform that bridges the gap, offering detailed assessments and strategies tailored to individual buildings. Unlike legacy systems which often rely on broad financial projections, Iris utilizes sophisticated engineering methodologies, delivering results that are both precise and actionable.

The Iris platform is driven by over twenty years of engineering and design expertise, marking a significant evolution in climate risk assessment. Class 3 Technologies asserts that Iris will empower organizations to not only recognize their vulnerabilities but also to simulate potential resilience measures effectively.

Leadership with Expertise

At the helm of Class 3 Technologies is CEO Ibbi Almufti, a professional structural engineer with extensive experience in risk and resilience through his previous role at Arup. Almufti highlights the importance of accurate resilience measurement, stating, "We had to develop new damage and loss models based on the fundamental principles of engineering." This focus on precision allows organizations to thoroughly quantify their risks and act on the insights gathered from Iris.

Furthermore, Powerhouse Ventures, which has a rich history of funding pioneering climate software solutions, endorsed the capabilities of Class 3. Marie Thompson, a partner at the venture fund, expressed optimism regarding Iris’s potential: “This innovative platform will fundamentally change how organizations manage their infrastructure and portfolios.”

From Concept to Reality

Class 3 began its journey within Arup’s dynamic innovation ecosystem. The collaboration between risk experts and engineers has resulted in a digital platform that seamlessly combines physical impact simulations with quantifiable assessments of structural vulnerabilities. Recognizing the significant global implications of this technology, Arup Ventures has strategically spun out Class 3 Technologies to further their mission of promoting climate resilience in the built environment.

Ilana Judah, the Americas Climate and Sustainability Leader at Arup, noted, “Class 3 translates engineering excellence into accessible software for climate resilience.” The launch of Iris not only symbolizes a significant achievement for Arup Ventures but also a commitment to enhance the consultancy's legacy of excellence in risk management.

Early Adoption and Future Prospects

Currently, Iris is being utilized by various leading firms in technology, investments, real estate, and insurance. During its stealth phase, the platform was deployed to assist in risk analyses and resilience strategies across numerous building portfolios. Decision-makers have started privileging Iris for its advanced risk assessments, influencing site selections and due diligence in business acquisitions.

Conclusion

As climate challenges proliferate, Class 3 Technologies stands ready to offer innovative solutions through its Iris platform, ensuring that organizations are better equipped to fight and adapt against the inevitable threats posed by climate change. Interested parties are encouraged to explore the revolutionary capabilities of Class 3 Technologies by visiting www.class3technologies.com or following them on LinkedIn.

For more inquiries:
Media Contact: Rebecca Birmingham
Email: [email protected]
Investor Relations: Ibbi Almufti
Email: [email protected]