Class 3 Technologies, a startup developing advanced tools to assess climate risk for buildings, announced that it has raised $3.5 million in a seed funding round, with proceeds aimed at expanding its climate risk and resilience software for the built environment.
Spun out of global built environment consultancy Arup, Class 3 has since launched Iris – a software platform that gives property owners, investors and developers insight into how buildings could be affected by climate-driven events. Rather than relying on broad forecasts or financial loss estimates, Iris applies engineering-based modelling to identify vulnerabilities and test resilience strategies at the individual building level.
Class 3 is led by Founder and CEO Ibbi Almufti, who previously led Arup’s Risk and Resilience practice and brings experience in seismic and climate risk quantification.
Ibbi Almufti, Founder and CEO of Class 3, said:
“We are here to catalyze resilience action at scale. 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.”
The company said that it aims to make high-quality risk analysis both scalable and actionable, noting that traditional engineering assessments are often too expensive to apply across large property portfolios, while existing reporting tools lack the precision needed for operational decisions. It said that Iris should bridge that gap, offering decision-makers the data they need to invest confidently in climate resilience.
After spinning out of Arup Ventures, Class 3 is now operating independently and scaling its technology. During its development phase, Iris was already used by several major clients to guide site selection, acquisitions, and resilience planning across diverse building portfolios.
The funding round was led by Powerhouse Ventures, joined by Sustainable Future Ventures and Tailwind Futures.
Marie Thompson, Partner at Powerhouse Ventures, said:
“Iris is an innovative new software platform that will change the way organizations manage and protect their building and infrastructure portfolios. We believe Class 3’s team and technology uniquely position them to lead the next generation of resilience planning.”
