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Puerto Rican startup Raincoat gets $150K from Google

The company develops scalable climate insurance solutions and the technology that powers them.

Puerto Rico-based AI startup Raincoat was selected among 20 Black and Latino entrepreneurs to receive a $150,000 cash award, Google Cloud credits and mentorship resources through the Google for Startups Founders Funds program.

This marks the first cohort exclusively comprising AI-focused startups, advancing Google’s commitments to inclusion in AI and helping diverse founders access capital.

San Juan-based Raincoat, which was founded by Jonathan González, develops scalable climate insurance solutions that enable instantly processed individual claims. 

The company collaborates with industry incumbents, using AI to create advanced parametric insurance products for diverse risks. Its AI work addresses the challenge of developing products with sparse datasets and extracting signals for rare, catastrophic events.

Since its inception in 2018, Raincoat has achieved significant milestones in securing financing for its operations and establishing agreements for its products in Puerto Rico and beyond.

Each founder in the program will receive $150,000 in non-dilutive cash awards and $100,000 in Google Cloud credits to help grow their businesses. In addition to capital, the founders will gain access to mental health resources and mentorship from Google experts in AI and sales, the platform stated.

“AI can enable startups to build transformative products and solve complex challenges, but founders need access to capital to realize this potential,” said Maya Kulycky, vice president of Strategy and Operations at Google Research.

“Through the Google for Startups Founders Funds, we are proud to invest in promising Black and Latino founders who are leveraging AI technology to help address some of today’s most pressing issues. We are inspired by the groundbreaking work of these founders and their potential to shape the future of AI,” said Kulycky.

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