RISE Awards $1.2 Million to Riverine Community Resilience Challenge Winners
~Funding empowers five projects to implement advanced flood warning systems and innovative insurance solutions for Southwest Virginia~
Norfolk, VA – In an effort to strengthen flood resilience in Southwest Virginia, RISE, a Virginia-based nonprofit focused on climate adaptation, has awarded $1.2 million in funding to five winners of the Riverine Community Resilience Challenge. The funding, provided by the Virginia Department of Housing and Community Development (DHCD), will support projects aimed at developing advanced flood warning systems and community-driven insurance solutions to protect vulnerable communities.
Inspired by the massive devastation left behind by September’s Hurricane Helene, along with two catastrophic floods in Hurley and Whitewood, Virginia, in 2021 and 2022, five winners, including several multi-team integrated solutions, were selected to receive up to $375,000 to pilot their cutting-edge ideas through 2025. Beyond financial support, RISE is providing Challenge winners technical, government and business mentoring, investor matchmaking, customized accelerator programs and more. The winners will discuss details about their solutions during a panel session at the 2024 Virginia Governor’s Housing Conference on Thursday, Nov. 14 in Virginia Beach.
“Hurricane Helene is a powerful and vivid reminder that our riverine communities in Southwest Virginia are increasingly vulnerable to catastrophic flood events that can change lives in an instant,” said RISE Executive Director Paul Robinson, Ph.D. “As these threats become more severe and frequent, we know the development of new advanced warning systems and community-based insurance programs can make a difference here in Southwest Virginia and, ultimately, vulnerable communities worldwide.”
“All of our Challenge winners have the unique opportunity to pilot their solutions in Southwest Virginia,” said Chief Strategy and Communications Officer Betsy Hnath. “As they test and refine their innovations in real-world environments, the community gets to contribute to the development and benefit from these cutting-edge advancements.”
2024 RISE Riverine Community Resilience Challenge winners include:
Leverages Floodbase’s deep learning framework and Raincoat’s parametric insurance solution to develop a community-based insurance program. This program sets measurable, data-driven thresholds to trigger immediate riverine flood payouts, providing crucial financial support to vulnerable households and businesses in Southwest Virginia.
FloodMapp, The Warn Room, Green Stream
Offers a comprehensive, localized flood warning system that integrates real-time flood mapping technology, hydrologic gauging from Green Stream, and expert emergency advice from The Warn Room. Their solution delivers accurate and timely flood warnings to communities in Southwest Virginia.
InnSure, HR&A Advisors, Stantec
Creates a Total Cost of Risk (TCOR) Simulator for riverine flooding-related risks. This minimum viable product is designed to model and mitigate flood risks, enhancing preparedness and resilience for a pilot community in Southwest Virginia.
Enhances flood monitoring and early warning systems with resilience and impact analytics, providing actionable information to manage flood risks effectively to empower communities and responders.
Provides a transformative approach to flood insurance, emphasizing affordability, rapid response, and community resilience.
About RISE: Since its establishment in 2018, RISE has dedicated itself to finding, funding, and scaling innovative solutions to climate-induced problems. The organization has awarded over $8 million in funding to small business innovators, received more than 350 submissions from 30 countries, and helped RISE-funded businesses raise over $48 million. RISE’s initiatives have led to the creation of over 180 jobs and the development of 40+ novel pilot projects, significantly contributing to community resilience. For more information, please visit www.riseresilience.org