Meteo-Logic has completed its first round of funding with a $3 million dollar investment from Li Ka-shing’s Horizons Ventures.
Meteo-Logic is revolutionizing weather forecasting by introducing a big data analysis engine based on a superb algorithm that processes data bases of meteorological information with records of actual on-ground historic weather data to provide most accurate on-spot forecasting. The solution is applicable not only for weather prediction but rather for business-critical weather-related parameters in multiple industries, including energy (wind mills, solar panels, power consumption), agriculture, transportation, construction, retail and more.
Meteo-Logic founder and CEO Igal Zivoni said, "According to the bulletin of American Meteorological society, weather variations excluding extreme events and disasters, cost the US alone $485 billion a year. Much of these costs could have been saved if there was an effective way to accurately predict weather and weather dependent factors, on spot, on time. Now there is."
Meteo-Logic has recently launched its Wind Mill Power forecasting solution, providing an online accurate prediction for power production of each single turbine, 5 days in advance. The wind power is an annual $50 billion market today and growing fast, its business highly dependent on the ability to provide well-predicted power supply to the energy grid. “Big data technologies combined with brilliant data analysis algorithms will disrupt many of today’s markets, from Health Care to Finance,” said Horizons Ventures Gilad Novik. "Meteo-Logic will introduce that disruption to the massive markets which are dependent on weather."
Published by Globes [online], Israel business news - www.globes-online.com - on September 8, 2013
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