Interpath Advisory appointed administrators of Cervest Limited

Interpath Advisory has been appointed administrators of AI-powered climate intelligence platform Cervest Limited. 

Founded in 2015, Cervest Limited provides customers with detailed analysis on the long-term environmental risks of physical assets, portfolios and spatial areas by using climate forecast models. 

The business had raised over $40m (£31m) of investment through funding to bring its Earthscan platform to market. However, the latest funding round encountered “significant challenges” which brought the directors to take the decision of appointing administrators. 

Following the appointment, the business has stopped trading and all its 71 employees have been made redundant. 

The joint administrators, Neil Morley and Howard Smith of Interpath, sought to pursue a sale and realisation of the company’s assets and on 25 June they completed a sale of certain assets to Mitiga Solutions SL. 

They said the acquisition will enable Mitiga to explore integrating the acquired technology into its products and services with the prospect of diversifying its existing climate intelligence offer. 

Morley said: “We are pleased to have been able to conclude this transaction which sees Mitiga acquire Cervest’s leading-edge technology and IP.”