Company Name:


Incubation Round:

Explore, Experiment, Evolve

Application Track:

Track 2

Proposed by:

Bilbao City Council

Data Provider:

Bilbao City Council

Challenge Name:


Product Description

The CyStellar risk assessment platform (CyStellar TerraRisk Re) integrates, manages, and secures data from ground sensors, air surveillance platforms, and satellite data (Satellite Earth Observation) at massive scale. In addition, the platform integrates data from weather forecasts, hazard, and risk data as well as other relevant societal, political, and economic information. The cumulated information feed is processed and integrated into the (re)insurers workflows, offers valuable risk insights on almost any place on the globe and is directly linked to insurance policies.

AI classifiers are trained to detect changes and classify features from satellite images that quantify and predict the effect of climate change and monitor the environmental impact of the insured assets. Data insights are provided to quantify and predict:

  • Extreme weather risk (e.g., flooding, wildfires, drought, hurricanes, etc.) for current and future climate scenarios.
  • Environmental impacts of the insured assets (e.g., eutrophication, chemical spills, deforestation, land-use change, etc.) using satellite data.
  • Post-event loss assessment (remote sensing-based estimation of damages caused by natural catastrophe events).

CyStellar’s solution improves profitability through more intelligent underwriting and quicker loss assessment and claim validation. The solution is delivered as a Software-As-A-Service platform for actuaries, underwriters, claim assessors and brokers. Data can be visualized and/or output via advanced Application Programming Interface (APIs) to other systems available at the insurers’ organization.

In the framework of the REACH incubator, CyStellar will provide the City of Bilbao with a complete geospatial platform deployed on the cloud for continuously monitoring risks probabilities and to predict the probability of an increase or decrease in the different types of emergency situations in a 15-day time frame, with the aim of providing support to managers when sizing emergency teams.

Usage of Standards for data interoperability:

ISO – IEC 27001
ISO – IEC 27002
Regulation EU 2016/679 (General Data Protection Regulation)
EIOPA-BoS-20/600 (European Insurance and Pension Authority – Guidelines on information and communication technology security and governance)

Reach Timeline

*Expose phase is open to all Experiment phase teams


Stockholm, Sweden and London, UK




Company maturity:

Live funding and product-market fit

Investment level:

Seed, Series A

Funding raised:

> EUR 1,000,000

Collaboration opportunity:

Company Description

As a downstream SpaceTech geospatial intelligence company, CyStellar develops products and services which are adapted from technology that was originally made for use in space and extensively uses data generated by satellites for applications on Earth.

CyStellar’s business model entails designing, developing, and delivering its cloud-based risk assessment software (CyStellar TerraRisk Re) and related services to its specialised customers. CyStel targets its offering at financial services organisations including insurance, reinsurance, brokers, agents, and capital markets.

CyStellar also assists commercial companies, governmental institutions, and public agencies to detect, estimate, classify and monitor risks in an effort to minimise damages and to protect the public.

Peter Bunus - CEO and Co-Founder

CEO and Co-Founder of CyStellar. Executive Product Manager, Research Scientist, and Serial Entrepreneur with broad experience in leading research-intensive large software development projects. PhD in Computer Science.

Harriet Smith - Customer Success Manager

Customer Success Manager. Geospatial operations expert. BSc degree in Geography and Environmental Sciences

Daniel Keir - Project Manager

Climate Change, Sustainability and Natural Perils Project Manager. Master’s degree in Climate Change, Management and Finance from Imperial College London.

Zahidul Islam - VP of Engineering

VP of Engineering. Master’s degree in Software Engineering and Management.