Class 3 Technologies (Class 3), a startup pioneering the next-generation of climate risk and resilience modeling for the built environment, today announces the close of its $3.5M seed round led by Powerhouse Ventures alongside Sustainable Future Ventures and Tailwind Futures.
Spun out of the global engineering and built environment consultancy Arup, Class 3 exits stealth with Iris — a first-of-its-kind platform delivering actionable, building-level insights to help organizations quantify and manage the growing threat of climate-driven disasters.
Beyond reporting, confidence to take action A growing number of organizations that operate, own, or invest in properties want to limit their potential impact to catastrophic events and protect their people, property, and businesses.
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They recognize that legacy tools built for financial reporting do not provide enough details to make critical real estate or operational decisions. While high-quality engineering assessments exist, they are cost-prohibitive at scale, limiting accessibility and impeding needed progress on global risk reduction. A revolutionary approach that delivers unprecedented accuracy and scalability at the building level was necessary to equip decision-makers with the intelligence to take action with confidence.
Built on two decades of frontline engineering and building design experience, Iris represents a step-change in how climate risk can be measured and managed. While traditional platforms rely on high-level projections or insurance-based loss averages, Iris translates state-of-the-art engineering methodologies into detailed vulnerability assessments and resilience strategies tailored to the unique characteristics of each building.
Class 3’s founding team brings unparalleled expertise in risk modeling, climate resilience strategy, and building engineering design and performance. CEO Ibbi Almufti, a licensed professional and structural engineer, previously led the Risk and Resilience practice at Arup, where he helped shape national and international approaches to quantify and reduce climate and seismic risk. The team is rounded out with experience in venture building and Enterprise B2B SaaS.
“We’re here to catalyze resilience action at scale,” said Ibbi Almufti, Founder and CEO of Class 3. “To measure resilience accurately we had to develop new damage and loss models built on first principles of engineering, down to the level of individual building components. With Iris, organizations can finally quantify building vulnerability and risk properly and simulate the benefits of resilience interventions to act decisively.”
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