BOSTON--(BUSINESS WIRE)--Today, ClimaCell, a software-based hyper-local weather forecasting company, announced that the company has closed $15 million in Series A funding. ClimaCell creates proprietary weather observation data from wireless networks that then feed into its models. The results pinpoint weather prediction down to city-block-level granularity in real-time and at one minute intervals 0-6 hours in the future for businesses and government agencies.
Canaan led the financing round with participation from Fontinalis Partners, as well as existing investor Square Peg Capital. The latest investment will be used to accelerate ClimaCell’s expansion outside of the U.S., speed product development efforts and support new hires.
“Nearly $3 trillion of the U.S. economy’s GDP is at risk due to weather every year and ClimaCell’s technology is poised to help verticals like aviation, insurance, financial services, logistics and defense change that,” said Rich Boyle, General Partner at Canaan who is joining ClimaCell’s board. “By shifting from forecasting to more accurate, granular, real-time predictions – what we call “nowcasting,” ClimaCell is changing the way massive industries assess, manage and make decisions around weather risk.”
ClimaCell’s current offerings, which serve customers in financial services, broadcast media, retail, construction, aviation, automotive and on-demand economy companies currently include, HyperCast™ a web-based interactive HD weather map, which provides street-level precision that is 10x better than other weather sources and BroadCast API™, which opens up ClimaCell’s unique weather sensing technology to be integrated with any digital enterprise or to be offered as part of any SaaS-based solution.
“The ClimaCell team is excited about the opportunities in the market and the ability to rapidly scale our technology worldwide,” said Shimon Elkabetz, CEO and Co-Founder, ClimaCell. “We are thrilled about the support and confidence we have received from our investors and look forward to continuing to provide the most accurate weather data technologies to our customers.”
While ClimaCell’s software serves a variety of industries, some of its most impactful and immediate use cases lie in the aviation and mobility sectors. As a result, the company has attracted investment from leading venture capital firms within each of these industries.
ClimaCell’s technology also gives organizations across the mobility space a similar ability to reduce weather-related inefficiencies, and to incorporate real-time weather data into business processes. “Fontinalis invests in the most impactful companies across mobility,” said Chris Cheever, co-founder and partner at Fontinalis. “ClimaCell’s cutting-edge technology enables the mobility industry to harness weather data in entirely new ways, driving operational efficiencies and unlocking new value for businesses in mobility sub-sectors such as aviation, connected cars, logistics, on-demand services, and many others. We are excited about the opportunity and to be affiliated with this great team and group of investors.”
About ClimaCell:
ClimaCell, Inc. is a Boston-based weather
technology company that provides high-definition weather forecasting
tools to businesses and governments worldwide. ClimaCell is the first to
offer instant access to actionable, street-level weather data in
real-time. For more information, please visit www.climacell.co
and follow on Twitter @WeatherRevealed
About Canaan:
Canaan is an early stage venture capital firm
that invests in entrepreneurs with visionary ideas. Over the past 30
years and with $5B under management, a diversified fund and over 190
exits to date, Canaan has invested in some of the world's leading
technology and healthcare companies. Canaan’s focus areas include
fintech, enterprise/cloud, marketplaces, frontier tech, biopharma,
digital health and medtech. To learn more about our people and our
portfolio, please visit canaan.com.
About Fontinalis Partners:
Fontinalis Partners,
with offices in Detroit and Boston, is a venture capital firm
strategically focused on next-generation mobility. The firm was founded
in 2009 by Bill Ford, Ralph Booth, Chris Cheever, Chris Thomas, and Mark
Schulz. Fontinalis invests across all facets of the world's mobility
systems on a stage- and size-agnostic basis. More information is
available at www.fontinalis.com.
About SquarePeg:
Square Peg is
a global technology venture capital investor with offices in Australia,
Israel and the United States. Our approach is to back outstanding
entrepreneurs solving big problems in a differentiated way. We are a
group of individuals united by a passion for technology and its
potential to change our world. We partner with outstanding entrepreneurs
that are building online and technology leaders of tomorrow and support
them by leveraging our decades of experience building, investing in and
advising technology businesses, from start-up to multi-billion dollar
public enterprises.
