$77 Million Raised in the Series D
The company raised $77 million in the latest Series D funding round, according to an official blog post. The weather startup said it will continue to partner with its investor Stonecourt Capital as it looks to tap into the $4 trillion global weather, air quality, and climate-risk industry.
“CEOs should think of weather intelligence like they think of cybersecurity. Climate change impact on business, governments, and people is real and here, and the vision we are executing on at Tomorrow.io – including our recent space announcement – is shared by the leadership at Stonecourt Capital, and we are fortunate to be working alongside their team,” said Shimon Elkabetz, chief executive of the startup company.
Last month, the weather business announced its “Operation Tomorrow Space” to develop first-ever radar-equipped satellites and launch them into space to boost forecasting abilities and weather monitoring. This innovative technology is expected to add business value for decades.
Tomorrow.io startup started operating in 2016 and has seen rapid growth since. After expanding into different markets, including the Americas, Europe, the Middle East, Africa, and Asia-Pacific, the company hit a 200% net business revenue retention rate since introducing its business products two years ago. They also reached an 850% annual business contract value (ACV) growth.
“What Tomorrow.io is building, corroborated by their recent announcement of launching radar-equipped satellites into space, is only further proof that this company represents the future of weather forecasting for the entire planet. The privatization of the weather industry is now, and that type of vision is what compels the team here at Stonecourt Capital,” Rick Davis, a partner at Stonecourt Capital, said.
Tomorrow.io, which works with a number of big-name clients including Uber, Ford, Delta, National Grid, and others, plans to use the new proceeds to improve global software-as-a-service (SaaS) operations for its weather platform and introduce new quality products.
Moreover, the weather business said it will stay focused on bringing innovation in its technology using artificial intelligence (AI) and machine learning, apart from its space operations. The startup company was originally known for bringing new technology used to gather weather data using wireless network infrastructure and internet of things (IoT) devices, hence the initial name ClimaCell. However, Elkabetz said that Tomorrow.io’s focus is now much broader.
Weather intelligence startup company ClimaCell said it raised $77 million in the Series D round to bring its total funds raised to $185 million. The company, whose services are used by Uber, Ford, Delta, and other major business clients, is also changing its name to Tomorrow.io.