A Loughborough based insurtech startup working on a flood warning solution has won £1.75m in investment.

Previsico is a Loughborough University spin-out which has developed an accurate flood forecasting and warning system using weather predictions.

It secured the the funding from Midlands Engine Investment Fund and Foresight Williams Technology.

Jonathan Jackson, CEO of Previsico, said:

“Previsico’s mission is to be the leading provider of cutting-edge flood prediction technology, worldwide. We are gaining great traction in the market and are thrilled that Foresight, the Midlands Engine Investment Fund, and Foresight Williams Technology have recognised this, to accelerate our product development, team expansion, and sales growth, in the UK and beyond.”

The company is planning to use the funding to support the next stage of its product development, team expansion, and sales growth, in the UK and beyond.

Kevin Harris, Chair of the LLEP Board of Directors, says:

“I am always delighted to see investments from the Midlands Engine Investment Fund into Leicester and Leicestershire businesses. Previsico was winner of three categories at the 2020 Leicestershire Innovation Awards, including Innovator of the Year, so the company has been well recognised for launching the World’s first property-level surface water forecasting tool.”

Ken Cooper, Managing Director at the British Business Bank, says:

“The MEIF is here to help businesses, like Previsico, to develop innovative new products and create jobs. We look forward to seeing Previsico progress on its growth journey, rolling out its technology to new areas and building its team.  Other businesses in the Midlands with growth potential should also be considering the options available through the MEIF.”