Convective Capital raises an $85 million fund to build disaster resilience
Key takeaways
- Fire season kicked off early in California this year, with flames already approaching a former nuclear test site outside of Los Angeles.
- Convective Capital, an early-stage venture fund led by Bill Clerico, announced a new $85 million fund Thursday, following up on a $35 million fund raised in 2022.
- Convective s original mission was to develop the idea of firetech, investing in firms like Pano, which is building AI-powered cameras to spot fires early; Raine, which builds autonomous aircraft to dump water on fires;
Fire season kicked off early in California this year, with flames already approaching a former nuclear test site outside of Los Angeles. The rising number of natural disasters in California, and around the world, demand our attention — and, in Silicon Valley, venture investment.
Convective Capital, an early-stage venture fund led by Bill Clerico, announced a new $85 million fund Thursday, following up on a $35 million fund raised in 2022. While the first fund was mainly backed by wealthy individuals (including Clerico, a cofounder of WePay who sold the startup to JPMorgan for $300 million in 2017), this latest fund is largely backed by institutions, including insurance companies and asset managers.
Convective s original mission was to develop the idea of firetech, investing in firms like Pano, which is building AI-powered cameras to spot fires early; Raine, which builds autonomous aircraft to dump water on fires; Burnbot, a startup creating robots for clearing brush and grasses; and an insurance company, Stand, which helps homeowners harden their homes against flames.