ClimaCell closes $15m Series A led by Canaan

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fintech insurtech wealthtech regtech ai cybertech esg news

Data analytics platform ClimaCell has closed a $15m Series A financing round, led by Canaan.

Other participants to the round included Fontinalis Partners, and Square Peg Capital.

Boston-based ClimaCell uses weather observation data from wireless networks to create weather predictions, broken down by city blocks and every minute for six hours. The platform can be used in a range of industries including: financial services, insurance companies, aviation, retail, travel and emergency management among others.

For financial services the technology can provide an edge in energy or commodities trading and for insurance companies the solution can help access the weather database to speed up weather-related claims.

This round of capital will be used to increase the company’s expansion outside of the US, as well as boosting product development and new staff hires.

Canaan general partner Rich Boyle said, “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.

“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.”

Following the investment Rich Boyle will join ClimaCell’s board of directors.

Earlier this month Canaan co-led the $18m Series A round into computing system developer Quantum Circuits. Capital from the round is being used to help scale its team numbers, as the company looks to further the development of its quantum computers.

Copyright © 2017 FinTech Global

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