- Category: Correntics news, Projects
- Industry: Agri-Food
Correntics secures EUR 1.5 million to transform climate-risk management in the agri-food sector
The highly competitive Eurostars grant will support the development of an AI-enabled climate-risk management platform for the agri-food sector, offering vital tools to promote resilience and drive growth and sustainability.
Correntics, a transformative player in global climate risk management, has successfully secured a EUR 1.5 million Eurostar grant to lead the development of next-generation risk analytics capabilities for the agri-food sector. With climate variability and extreme climate events posing a growing threat to the agri-food industry, the resulting platform will empower stakeholders at all levels of the industry to anticipate, address, and adapt to climate risks that affect their operations and supply chains.
Correntics will lead an interdisciplinary, multi-institutional consortium in developing the platform. Additional members include the Danish weather technology company Cordulus, the Danish Technological Institute, and the EClim Group at the University of Zurich.
The platform builds on Correntics’s established climate-risk analytics software that predicts and quantifies physical and financial risks along agri-food supply chains. This core software draws on high-resolution weather and climate-risk models, crop and asset-specific risk analysis, and dynamic modeling of supply chain shocks.
It further integrates hyper-local weather observation and forecasting solutions provided by Cordulus. These support farm management and corporate stakeholders by improving the accuracy of essential weather parameters such as rainfall, wind, temperature, and humidity.
Statistical models and vulnerability databases developed at the Danish Technological Institute quantify the impact of weather extremes on crops, allowing users to make informed decisions, manage crop risks effectively, and reduce potential losses based on a holistic understanding of the value chain risks.
Further research and development efforts will go into a large language model-based recommendation system, developed by the University of Zurich, which translates the model’s quantitative findings into actionable risk-mitigation and climate-adaptation measures and recommendations, such as cultivar improvements, renewable energy integration, soil conservation techniques, climate-resilient infrastructure development.
The solution financed by the EUR 1.5 million Eurostars grant will serve a fast-growing market that is projected to reach more than €6bn by 2030, according to recent market studies. Key drivers of this growth include rising environmental supply chain risks and the ongoing trend of digitalization across the agri-food industry. Moreover, increasingly stringent sustainability-related regulatory requirements such as CSRD, the EU Taxonomy, and the implementation of climate-related financial disclosures (TCFD / ISSB) are accelerating the need for a forward-looking view on climate risks.
«Our data-driven risk management technology and AI-based decision support tools empower agri-food companies to increase their resilience in the context of emerging environmental risks. By providing actionable insights into climate risks impacting their global value chains and guiding strategic decisions, it will offer companies a competitive advantage in a fast-changing risk landscape,» says Michael Gloor, CEO of Correntics.
About Correntics
Correntics is a Swiss climate risk analysis provider that empowers companies to anticipate and mitigate emerging risks from weather and climate extremes. Their proprietary Software-as-a-Service (SaaS) solution offers businesses unique climate-risk analytics capabilities that strengthen internal risk management in various industries, including agriculture, chemical, logistics, and financial sectors. Additionally, Correntics partners with consulting firms to increase the efficiency and accuracy of physical climate risk assessments required to comply with relevant regulations, such as the Corporate Sustainability Reporting Directive (CSRD).
Founded in 2021 by Michael Gloor and Gaudenz Halter, Correntics is supported by Innosuisse, ESA BIC Switzerland, and investors including ZKB, Serpentine Ventures, SICTIC, S2S Ventures, Venture Kick, and respire.
Press Contacts:
Correntics AG
Schaffhauserstrasse 78, CH-8057 Zürich
Michael Gloor (CEO)
michael.gloor@correntics.com
+41 78 480 64 55
Cordulus A/S
Agro Food Park 13, DK-8200 Aarhus N
Mikkel Vestergaard Hansen
mvh@cordulus.com
Danish Technological Institute
Agro Food Park 15, Skejby, DK-8200 Aarhus N
Nicolai Fog Hansen
EClim Group at the University of Zurich
Department of Geography
Winterthurerstrasse 190, CH-8057 Zurich
Saeid Ashraf Vaghefi
Eurostars is part of the European Partnership on Innovative SMEs. The partnership is co-funded by Innosuisse and the European Union through Horizon Europe.
