One Concern raises $45M from SOMPO to scale its disaster resilience platform across Japan

Share This Post

Share on facebook
Share on linkedin
Share on twitter
Share on email

Climate change is intensifying across the globe, and one of the most challenging cases is Japan. In addition to lying on a major fault, the archipelago is increasingly inundated from rising sea levels that make the country more prone to disasters. A decade ago, the Tohoku earthquake and tsunami dealt billions of dollars in damage, and the recovery from that tragedy remains a major international relations flashpoint.

Technology to address disasters and resilience is a key area of venture capital investment these days, and now another startup in the space is proving that there is widespread interest in this growing market.

One Concern, which builds a platform to model and simulate community resilience and response to earthquakes, floods and other natural disasters, announced this morning that it has raised $45 million from SOMPO Holdings, the venture wing of Japan’s SOMPO, one of the country’s largest insurers. The investment is part of a total $100 million, multi-year deal that will plug One Concern’s platform into the Japanese market.

Japan has been something of a gem in One Concern’s market development the past few years. The startup hired Hitoshi Akimoto as country manager for Japan in late 2019 before formally announcing that it was expanding to Japan in February 2020. In August last year, it announced a strategic partnership with SOMPO, and the insurer’s venture wing invested $15 million. Today’s deal expands that partnership further.

According to its press release, One Concern will sell its platform to six or more Japanese cities as part of the tie-up.

Previously, One Concern had raised three rounds of capital according to Crunchbase and SEC filings: a seed round in October 2015, a $33 million Series A round led by NEA in 2017, and a $37 million round also co-led by NEA. The company was founded in 2015.

More To Explore

Indian online insurer PolicyBazaar files for IPO, seeks to raise over $800 million

Indian online insurance aggregator PolicyBazaar has filed for an initial public offering in which it is seeking to raise $809 million, becoming the fourth startup in the past two months from the South Asian market to explore public markets. In papers submitted to the market regulator in India, PolicyBazaar said it is looking to raise […]

Uniden Guardian App Cam Home+ review – indoor security camera that pans and tilts

Uniden’s new Guardian App Cam Home+ indoor camera lets you see more than regular smart cameras because you can pan and tilt the camera and get wider view of the area. The camera also offers 2.5K video quality and 3x zoom so you can see even more and in higher quality. Also onboard is pre-motion […]

The post Uniden Guardian App Cam Home+ review – indoor security camera that pans and tilts appeared first on Tech Guide.

Ready to take the plunge into the online world?

drop us a line and keep in touch

× How can I help you?