The startup utilizes transparent, peer-reviewed methodologies to model physical climate risks associated with real estate, enabling clients to assess financial exposure related to climate change. By providing detailed risk assessments for individual properties, the company empowers investors and planners to make informed decisions on property investments and climate-resilient strategies.
Funding
$53.5M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Financial institutions, corporations, and government entities lack standardized, transparent methodologies for assessing the financial implications of climate change on real estate assets. This absence of consistent risk modeling hinders informed decision-making regarding property investments, climate-resilient strategies, and regulatory compliance.
Solution
First Street provides a comprehensive climate risk modeling suite that enables users to evaluate the financial exposure of real estate to climate-related hazards. The platform utilizes peer-reviewed, physics-based deterministic models to calculate property-level risk statistics, both for the present day and projected into the future. By incorporating building-specific characteristics, the models simulate potential damage and downtime from various events, including flooding, hurricane winds, wildfire, extreme heat, and air quality issues. The platform quantifies risks to nearby infrastructure and social facilities, while also considering demographic shifts and building valuations. The resulting data is accessible through an enterprise suite, offering portfolio exposure analysis, scenario analysis, and macroeconomic impact assessments.
Target Audience
The primary target audience includes financial institutions, real estate investment trusts (REITs), government entities, corporations, and insurance agents seeking to understand and manage climate-related financial risks to property assets.
Features
- Property-level risk assessment for flood (surge, pluvial, fluvial, tidal), hurricane winds, wildfire (ember flux and flame length), extreme heat, and air quality (ozone and PM2.5)
- Physics-based deterministic models that calculate property-level risk statistics
- Building-specific damage and downtime simulations based on structural characteristics
- Quantification of risk to nearby infrastructure, roads, and social facilities
- Integration with the Environmental Protection Agency’s EJScreen tool
- Integration with the Council For Environmental Quality screening tool
- API access for integration into existing workflows and systems
- Support for compliance with regulations such as California's SB 261, TCFD, and CSRD