Convective Capital, a venture fund with an eye on the future of disaster management, has announced a $85 million fundraising round. Founded by Bill Clerico, known for his previous exits including WePay to JPMorgan, this new fund is attracting institutional investors alongside wealthy individuals.

The fund aims to expand beyond wildfire tech into broader resilience measures, targeting the vast economic risk posed by disasters. With over $60 trillion worth of real estate at high risk from natural hazards and insurers facing bankruptcy, Clerico sees a unique market opportunity for new solutions.

Key investments include The Lumber Manufactory, working on more efficient forest management; Drafted, using AI in home design; Voltaire, building drone inspection services for power lines; and Edge Technologies, focusing on commodity price hedging insurance. The fund's first portfolio has already seen impressive growth, with companies collectively worth $2 billion.

However, Clerico acknowledges the challenges of selling to utilities and insurers, but believes that backing innovative startups like Stand is pushing incumbents to reconsider their approach. As AI tools become more integral, he also notes the impact on energy systems, creating new opportunities for his portfolio.