One Concern to Expand in Japan With $45M Investment
One Concern, a California startup that uses AI to help government prepare for disaster response, is digging further into the Japanese market with a big investment from SOMPO Holdings.
SOMPO Holdings, parent of the insurance company SOMPO, is investing another $45 million into One Concern after an initial investment of $15 million last year. In a press release, One Concern described the cash investment as part of a larger deal worth $100 million.
The plan is for One Concern to deploy its technology in at least six Japanese cities and “jointly develop the global resilience market.”
“Climate change has a major impact on our society, and we’re backing One Concern’s vision for resilience as part of our commitment to build climate mitigation solutions,” said Keiji Nishizawa, CEO of SOMPO Japan, in the statement. “One Concern has proven to be an excellent partner and has enabled SOMPO to create new value for our customers while addressing the broader social need for disaster mitigation solutions. SOMPO and One Concern will together adopt new methods of predicting and preventing catastrophic failures before they occur, not just understanding and covering risks after disasters.”
One Concern’s technology ingests data about geographic areas, population and structures in order to create insights into where problems will arise in the event of different kinds of disaster — for example, where vulnerable populations will need supplies after an earthquake.
The $45 million infusion brings the company’s total amount raised above $100 million.