Understory Closes $5.25M Series B Funding Round to Expand Global Deployment of Weather Sensor Network
MADISON, Wis.--(BUSINESS WIRE)--May 13, 2019--Understory, the weather network and analytics company, today announced that is has closed a $5.25 million Series B funding round led by True Ventures with participation from 4490 Ventures and Revolution’s Rise of the Rest Seed Fund.
“Our commitment to disrupt outdated methods for dynamic weather analysis is the primary focus for this next stage of growth,” said Alex Kubicek, Co-founder and CEO of Understory. “We are excited to work with our investors who are supporting our mission of creating a higher standard for hyperlocal weather monitoring.”
On the heels of a $7.5 million growth round in November 2018 and Understory’s recent expansion into South America, the funding investment supports the international expansion of the weather sensor network across multiple industries including agriculture, insurance, and air quality. The new capital will also be allocated to increase the company’s employee headcount and to expand into a new headquarters facility to sustain Understory’s growth as the company scales globally.
“Understory is fundamentally transforming how weather data infrastructure will be used across the globe,” said Puneet Agarwal, Partner at True Ventures. “The on-the-ground insight of critical weather events is essential for innovative decision-making across a wide variety of industries. We look forward to witnessing Understory continue to remodel the accessibility and accuracy of real-time weather information on a global scale.”
The Revolution of Weather Intelligence
Understory’s weather stations funnel 125,000 measurements a second into an artificial intelligence (AI) core that measures precise hail, rainfall, temperature, humidity, wind and solar radiation, and air quality. The AI core analyzes the data to provide critical atmospheric, climate, and weather data to optimize decision-making across agriculture, insurance, government and environmental markets.
The Understory weather network has been used in several industries including in agriculture to determine irrigation and optimal harvest dates and times. With stations in metropolitan areas across the country, municipal leaders can leverage Understory sensors to track air quality and determine the impact of air pollution reduction strategies in urban environments.
“Understory is redefining the prioritization of weather data,” said David Hall, Partner at Revolution’s Rise of the Rest Seed Fund. “Capable of deploying cost-effective weather technology and pinpointing hyperlocal weather data in real-time, Understory has the potential to transform billion dollar global markets. We are proud to be investing again in a company that is scaling innovation outside of the traditional tech hubs.”
Throughout the U.S., Understory has deployed more than 600 stations within five major metropolitan areas and on multiple continents, with plans to further increase globally in 2019. The company recently announced Project Atmosphere, Understory’s endeavor to bring its Atmosphere technology to 10 new cities around the globe.
About True Ventures
Founded in 2005, True Ventures is a Silicon Valley-based venture capital firm that invests in early stage technology startups. With more than $2 billion under management, True provides seed and Series A funding to the most talented entrepreneurs in today’s fastest growing markets. The firm maintains a strong community that supports founders and their teams, helping True companies achieve higher levels of success and impact. To date, True has helped more than 250 companies launch and scale their businesses, creating over 10,000 jobs worldwide. The firm was awarded 2018 Venture Firm of the Year by the National Venture Capital Association. To learn more, visit www.trueventures.com.
Understory analyzes and processes the data it collects to create real-time data sets, views, and actionable information from historical, current, and forecasted weather events to provide better insight and early detection of risks. Understory’s composite of granular weather data has applications across a variety of markets, including broadcasting, agriculture, forecasting, and risk mitigation. For more information, visit: www.understoryweather.com.
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