RISKTHINKING.AI, a start-up specializing in capturing extreme possibilities of climate risk, and Black Bean Capital LP, a private equity firm and incubator of purpose-driven start-ups, announced their strategic partnership today to set a new standard for pricing climate risk.
Under the agreement, Black Bean Capital will make an equity investment into the company and provide Riskthinking.AI access to its financial markets and global professional profiles database of over 100 million professionals. Riskthinking.AI will leverage the access to build a global community of climate and financial risk experts. This community will contribute to the company’s Structured Expert Judgement (SEJ) system – a key input to its advanced, algorithmically-generated scenario software platform.
“SEJ is a method developed by Roger Cooke, one of the world’s leading authorities on mathematical modeling of risk and uncertainty, and a member of Riskthinking.AI’s Board of Advisors,” said Dr.Ron Dembo, Riskthinking.AI’s Founder and CEO. “This method is used to quantify and capture knowledge from members of the scientific community about uncertain phenomena such as the financial risks of climate change. Thanks to Black Bean Capital’s support, Riskthinking.AI will be able to identify and survey experts worldwide and glean the latest understanding of climate change factors and the risks they pose to global assets.”
“It’s always a thrill to invest in and partner with passionate entrepreneurs, like Ron. The company has an extremely strong, scalable, innovation business plan.” said Brendan Reilly, Managing Partner of Black Bean Capital and CTO of Riskthinking.AI. “The ability to build a large global community of climate change and financial risks experts will help Riskthinking.AI and enhance its ability to deliver Climate Risk Stress Testing to Asset Managers around the world.”