Israeli weather intelligence platform ClimaCell has announced that it has completed a $77 million financing round led by Stonecourt Capital and joined by Highline Capital. This brings total funding raised by the company, which has renamed as Tomorrow.io, to more than $185 million.
Founded in 2016 by CEO Shimon Elkabetz, CSO Rei Goffer and COO Itai Glotnik, the company is building proprietary satellites equipped with radar, and launching them into space to improve weather monitoring and forecasting capabilities.
Elkabetz said, "CEOs should think of weather intelligence like they think of cybersecurity. Climate change impact on business, governments, and people is real and here."
Having expanded operations worldwide, the company brought its products to market two years ago and has already achieved a 200% net revenue retention rate during the past 2 years.
With customers including Uber, Ford, Delta, National Grid, and more, Tomorrow.io will use the funding to accelerate global SaaS operations for its weather intelligence platform and air quality offerings. In addition, Tomorrow.io will continue to focus on developing its proprietary technology across artificial intelligence and machine learning, in addition to its space operations.
Published by Globes, Israel business news - en.globes.co.il - on March 30, 2021
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