Founders: Jatin Singh
Financing status: Undisclosed amount in Series C
Noida-based weather-monitoring and agritech solutions provider Skymet has raised an undisclosed amount in a Series-C funding round led by InsuResilience Investment Fund. An initiative of the German Development Bank on behalf of the German Ministry for Economic Cooperation and Development, InsuResilience Investment Fund seeks to decrease the vulnerability of individuals, low-income households, and SMEs (small and medium-sized enterprises) in developing countries to extreme weather events. As a result of the funding round, InsurResilience will acquire a 26.8% stake in Skymet. The weather-monitoring company secured approximately USD 5.2 million in prior funding rounds led by Omnivore Partners and DMGT.
Skymet stated that the newly raised capital will be allocated toward expanding its network of Automated Weather Stations (AWS), pursuing business enhancements in crop measurement, climate analytics, disaster management, and ultimately mitigating the negative effects of climate change on India’s people and economy.
Skymet is India’s largest private sector weather forecasting, monitoring, and agriculture risk solutions company. In addition to publicly accessible weather forecast news available on its website, Skymet provides climate, weather, and crop analytics to agribusinesses, banks, insurance companies, and public institutions on a national scale. The company describes itself as “experts in measuring, predicting & limiting climate risk.” Skymet provides its government and private-sector clients with highly accurate yield data collected from its more than 3000 Automatic Weather Stations and other local inputs such drone-mounted smartphones and sensors.
Skymet was founded in 2003 by Jatin Singh, who holds a masters degree in International Relations and Affairs from Boston University. According to Singh, “climate change is India’s leading national security challenge” and the recent investment “allows Skymet to further expand [its] capabilities in mitigating weather risks across India.”
(Top Image from Pixabay.com)