Meteo-Logic, the Big Data company specializing in super accurate weather forecasting announced the completion of a 3rd round of funding
Israeli start Meteo-Logic, specializing in Big Data to provide the most accurate weather forecasts available announced yesterday (Tuesday) the completion of their first round of funding valued at $3M. The round was led by Li Ka-Shing’s Horizons Ventures.
Forecast – cloudy with mountains of information
Meteo-Logic was founded in 2010 by Igal Zivoni in order to reduce the current uncertainty involved in weather forecasting. Using their solution the company wants to enter into the renewable energy market, helping alternative energy companies to take maximum advantage of weather conditions to work more efficiently and smarter than ever before based on accurate forecasting and improving their overall profitability.
The company accomplishes this through the use of Big Data based on a variety of algorithms, which can process information based on existing meteorological data, along with information on weather data in different periods – which together are able to issue super accurate weather forecasts.
The company currently offers three main solutions designed to help businesses and companies that depend directly on the weather. The company’s first solution focuses on forecasting for agriculture, through which farmers can calculate the amount of irrigation water that to be needed or expected, prepare for storms or high winds that may damage crops, and the like.
The second solution focuses on calculations for power companies harvesting energy from solar panels. Meteo-Logic can help them calculate the hours that the sun will be at its strongest whether clear skies or cloudy will be impacting panel effectivity.
The company recently launched its third solution designed for wind power forecasting. With this solution wind power stations can predict which turbines will be getting the best conditions for up to five days into the future.
The market for these solutions sits at approximately $50B and continues to grow every year. Accurate weather forecasting of this quality will become not only profitable but much more worthwhile when considering the future of power production.
Zivoni, President and CEO of Meteo-Logic added that according the Bulletin of the American Meteorological society, weather forecasts do not include the prediction of extreme events and disasters, costing the United States alone $485B a year. A significant part of these costs can be stemmed through the accurate prediction of extreme weather conditions in advance, and now there is a company that can offer such a service: Meteo-Logic.