WeatherBill, a San Francisco, CA-based platform that enables the real-time pricing and purchasing of customizable weather insurance using proprietary global weather simulation modeling and local weather monitoring systems, closed a $42m Series B funding round.
New investors Khosla Ventures and Google Ventures joined NEA, Index Ventures, Allen & Company, First Round Capital, Atomico, and Code Advisors.
The company intends to use the funds to support product and sales expansion in the U.S. and internationally. As part of its current expansion, WeatherBill is hiring mathematicians, climatological agronomists and product managers (www.weatherbill.com/careers).
Co-founded by CEO David Friedberg and CTO Siraj Khaliq, the company has developed a technology platform that aggregates enormous amounts of weather data from many disparate sources, and combines sophisticated statistical analyses to run large-scale weather simulations in a proprietary cloud-based computing environment. The system enables completely automated and personalized weather insurance products, which pay out automatically based solely on measured weather conditions, requiring no claims process and no waiting for payment.
In 2010, WeatherBill launched Total Weather Insurance™ (TWI), a full-season weather protection program for U.S. farmers, designed to address the adverse weather conditions they face every season. It provides the U.S. agriculture industry with a private-sector supplement to government-subsidized crop insurance. Created with insight from agronomists and growers nationwide, TWI enables growers to lock in profits and protect their businesses against poor weather.
FinSMEs
01/03/2011