[Techtaffy Newsdesk]
The Climate Corporation has closed a $50 million round of funding led by new investor Founders Fund, with participation by existing and new investors Khosla Ventures, Google Ventures, NEA, Index Ventures, Atomico, Glynn Capital, and Western Technology Investment.
The company says it plans to hire more than 50 quantitative researchers, data scientists, and software engineers. The financing follows the February 2011 $42 million Series B financing round, bringing total investment in the company to over $110 million.
The Climate Corporation acquires and generates vast sets of structured and unstructured environmental and agricultural data, through the development of data acquisition and processing systems, proprietary quantitative research, and advanced machine learning. The company has a portfolio of fully automated weather insurance products, with a technology platform that enables the real-time pricing and purchasing of customizable weather insurance using proprietary global weather simulation modeling and local weather monitoring systems. The Climate Corporation’s products pay out automatically based solely on measured weather conditions, requiring no claims process and no waiting for payment.
[Image Courtesy: The Climate Corporation]