In 2017, Hurricane Maria devastated Puerto Rico, serving as a stark reminder of the growing threat posed by climate change. Last year, Hurricane Fiona dealt another blow, underscoring the increasing frequency of such extreme weather events. Rebuilding in the face of these recurring crises presents a monumental challenge. For decades, the Caribbean has resonated with recurring accounts of escalating frequency and magnitudes: storms strike, and our communities bear the brunt. Our mission is to rewrite this narrative.
TerraFirma is a Puerto Rican Software-as-a-Service (SaaS) company addressing these challenges by harnessing the power of earth observation, physics models, and artificial intelligence (AI). We provide a comprehensive solution for the construction industry to visualize environmental risks, expedite mitigation strategies, and address the mounting toll of climate change. By leveraging federal datasets, proprietary physics engines, and real-time weather feeds, we offer comprehensive risk assessments and solutions for every home, business, and infrastructure in Puerto Rico.
Nationwide disaster readiness, recovery, and mitigation initiatives rely on multi-million dollar projects spanning years, struggling to keep pace with the anticipated surge in climate-related events. The sheer diversity and intensity of environmental damage at each site after a catastrophe, coupled with the evaluation and federal funding allocation cycle post-crisis, often cannot be executed prior to the next disaster. Whether immediate catastrophes like hurricanes or gradual ones like erosion, the process of broad environmental analysis for preparedness relies on repetitive on-site efforts by agencies, companies, and stakeholders.
While each entity sources data through their preferred software and datasets, this results in a lack of a unified and cohesive dataset to assess widespread impact, communicate vulnerabilities to general populations, and devise future mitigation strategies across sectors.
TerraFirma combines federal datasets for soil and weather with proprietary algorithms for studying solar exposure, hydrology, and wind patterns for every square meter of Puerto Rico since 1941. This generates geomorphological solutions and conveys those risks and solutions to the general public. We have developed 15 pre-processed products that inform our citizens in Puerto Rico about environmental risks, such as flooding, sea-level rise, erosion, landslides, and wind-related risks, among others. This data forms the basis for a platform that integrates real-time weather feeds to forecast risks to real estate, infrastructure, and natural resources.
However, our mission extends far beyond Puerto Rico. According to NOAA, environmental disasters cost $788 billion in the US over the last 5 years. The Total Addressable Market (TAM) for Global Disaster Preparedness Systems is $168.43 billion yearly.
Currently, there is $11 billion in Disaster Recovery and Mitigation funding to mitigate future hurricane damage in Puerto Rico. Within this Serviceable Addressable Market, we are targeting a 6% Serviceable Obtainable Market (SOM), equivalent to $480 million, due to our competitive advantage of streamlining the process for data gathering, environmental assessment processes, and conveying risks to non-scientific stakeholders. By combining our software with value-added consultancy services, we expect to expand this SOM to $600 million by targeting government-funded projects dedicated to mitigating large-scale environmental hazards.
TerraFirma operates on two interrelated revenue streams: a) an e-commerce platform offering pre-processed environmental risk data; and b) a tiered subscription platform for organizations requiring access to our physics and forecast models. These are complemented by consultancy services for large projects requiring more complex solutions. These models allow us to support a diverse range of clients, including construction and land management professionals, government agencies, and insurance companies, in nationwide projects such as: a) forecasting damage to telecommunications and electrical infrastructure; b) assessing solar energy exposure of each structure or site; and c) visualizing river levels during Hurricane Fiona. This versatility of scale enables us to meet the growing demand for environmental risk assessment and mitigation solutions.
While we currently encompass the entirety of Puerto Rico, including 3.2 million people, 9,104 sq. km. of land, 580 km of coastline, 7,544 sq. km. of forests, and 1.5 million structures, our algorithms are applicable to all tropical regions globally. Within 2 years, TerraFirma's expansion to Florida and Texas will impact 51.31 million people, 865,974 sq. km. of land, and 323,748 sq. km. of forests. Beyond 2026, TerraFirma will extend to Gulf-coast States and the Dominican Republic, totaling 23.7 million people, 445,325 sq. km. of land, and 253,405 sq. km. of forests, leveraging shared climate risks and technologies. Subsequent expansions through 2029 will cover 40% of the global population, 40% of Earth's surface, and 18.4 million sq. km. of forests, including the Amazon.
TerraFirma leverages a comprehensive dataset obtained through LIDAR sampling, covering the entirety of Puerto Rico at an impressive square-meter resolution, with land-cover, and meteorological data since 1941. By combining this foundational data with our proprietary algorithms, we unlock a multitude of possibilities, spanning from soil erosion mitigation in agriculture to flood protection planning in urban and natural zones, with applications in habitat protection, agro-tourism planning, and renewable energy project decisions.
By providing accurate data, visualization, and scientific documentation, we empower communities to access federal funding for mitigation projects and protect their lands and populations. We also assist governments in formulating public policies and coordinating environmental resource planning efforts on a large scale.
By democratizing access to scientifically-grounded environmental risk modeling, TerraFirma empowers a diversity of stakeholders to make informed decisions for safeguarding people and the planet. Its innovative fusion of earth observation, physics models, and AI presents a beacon of hope in addressing climate challenges for governments, corporations, and communities, potentially increasing the speed and accuracy to safeguarding our critical built and natural assets in the face of environmental hazards.