Weather analytics and network company Understory announced the successful close of a $5.25 million Series B led by True Ventures. The round also included 4490 Ventures, and Revolution’s Rise of the Rest Seed Fund.
Founded in 2012, Understory has deployed solar-powered weather stations at points throughout five major U.S. metropolitan regions. Using patented technology, the stations – which can be placed directly in a field – monitor conditions including temperature, pressure, precipitation, wind speed, heat index, hail, and humidity in real time and at ground-level, creating data sets that offer actionable information on a granular level, the likes of which satellites, radar, and other technologies cannot provide. Each sensor takes 3,000 measurements per second that reflect broad observations over kilometers, to precise data from 100 meters. Then funnel 125,000 measurements per second to an AI core to analyze the data to provide critical atmospheric, climate, and weather data to those in the agriculture, insurance, government, and environment spaces.
“Understory is fundamentally transforming how weather data infrastructure will be used across the globe,” said Puneet Agarwal, partner at True Ventures. “The on-the-ground insight of critical weather events is essential for innovative decision-making across a wide variety of industries. We look forward to witnessing Understory continue to remodel the accessibility and accuracy of real-time weather information on a global scale.”
In March of last year, the company announced an international expansion and the successful beginning of a strategic partnership with Monsanto (now Bayer), which agreed to use Understory’s technology and weather network to monitor localized weather conditions as well as evapotranspiration, and growing degree units, or at what point a plant is in its growing cycle, in Argentina. This information can help farmers make better decisions about irrigation or to determine the optimum harvest time or dates.
“Argentina is an agricultural giant that produces 22 percent of the world’s soybeans, yet many growers there, and around the world, still lack data insights due to the remote, harsh farming conditions,” said Alex Kubicek, CEO of Understory at the time. “Our collaboration with Monsanto promises to deliver daily operational insights to farmers around the world to yield better, healthier crops, and it can be deployed anywhere without the need for oversight or management.”
This was followed, in November of last year, by a $7.5 million Series A led by 3390 Ventures, and including Washington DC-based Revolution’s Rise of the Rest Seed Fund. This Series A was a return for 4490 Ventures, which led a previous $7.5 million investment in Understory in 2016, after the company relocated to Madison, Wisconsin, from Somerville, Massachusetts.
The unpredictability and significant financial consequences of the weather have made the development and commercialization of technologies and platforms, such as Understory’s, an important goal for the agricultural sector. And after years of development, Understory plans to expand its number of weather stations from 500 to 5,000 by the end of 2019.
“Our commitment to disrupt outdated methods for dynamic weather analysis is the primary focus for this next stage of growth,” said Alex Kubicek, co-founder and CEO of Understory. “We are excited to work with our investors who are supporting our mission of creating a higher standard for hyperlocal weather monitoring.”
The funding gained through this round will support Understory’s international expansion of its weather sensor network, and also will be used to expand the company’s team. Funds also will be allocated toward Understory’s move into a new headquarters facility, and to sustain the company’s growth as it continues to scale on a global level.
-Lynda Kiernan