Big weather companies3/24/2023 This includes GeoOptics, which provides satellite data to the National Oceanic and Atmospheric Administration’’s Commercial Weather Data Program. In the private markets, other weather-focused startups operating from the sky have also pulled in funding. Prior to going public, Spire raised over $165 million in venture funding. Shares of the San Francisco-based company, which went public via SPAC last year, are off more than 90% from their peak. Meanwhile, Spire Global, operator of a satellite network providing climate and weather data, actually did hit the launch button for its public offering. The Boston company was even on the brink of going public via SPAC before terminating the plan as markets turned. Tomorrow.io, which is launching a weather satellite constellation equipped with radars and microwave sounders, has raised over $180 million to date. Satellites are also a big area for startup investment. The Alameda, California-based company has raised $190 million to date for its sea drones, which provide data for climate, mapping and maritime security use cases. A case in point is one of the largest weather-related funding recipients, Saildrone, which is known for its hurricane-tracking surface drones. Such endeavors are more the realm of startups. In particular, insurers aren’t typically in the business of operating satellite networks, drone fleets and other infrastructure-heavy data collection technologies. “Some types of risk analysis may be outside the expertise of traditional underwriters.” Gauging risk from the sky and sea “Actuarial science is not the same as earth science,” said Caribou Honig, a partner at SemperVirens Venture Capital, who focuses on the insurtech space. Given the complexities of climate and weather variables, it’s often not something that can be done in-house. Most share a unifying theme however, around the notion the status quo tools of weather and weather-risk forecasting are woefully inadequate to meet the challenges going forward.Ī large share of funded companies are selling forecasting and analytics services to insurance companies and other verticals preoccupied with risk management. It’s a varied assortment-with everything from satellite network operators to reinsurance underwriting tools. A sampling of investment in the space unearthed at least 23 companies with weather-focused business models that have raised funding since last year.Ĭollectively, those companies, listed below, have pulled in around $880 million to date: Now that we’ve spent some time talking about the weather, you may be wondering: How does this all relate to startups, money and the kinds of things Crunchbase News usually covers?Īs it turns out, weather is a rising theme among funded startups lately. This points to a future in which we will all compulsively watch weather forecasts, fretting about whether we’re more at risk of melting in the heat or being carried off in a storm surge. Scientific studies indicate that extreme weather events such as heat waves and large storms are likely to become more frequent or more intense with climate change, per the Environmental Protection Agency.
0 Comments
Leave a Reply.AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |