By combining unique in-house technology, such as Meteodrones and High-Resolution Weather models, Meteomatics provides the most accurate weather data for any location at any time to more than 400 companies worldwide. The new funding round enables the company to develop their technology and to reach out to new market segments and geographies.
Meteomatics’ offering is particularly relevant for the energy industry due to its need for high-quality data to better integrate and use renewable energies in the electricity market. As digitalization and climate change force sectors to undergo structural change, weather data is also becoming increasingly important in industries such as aviation, aerospace, logistics, agriculture and insurance.
The financing round comes at a time of booming economic conditions for the weather intelligence sector, which has reached an estimated market size value of 11 bn USD, according to the latest data by Grand View Research. Driven by an increased interest from companies in energy efficiency and renewable energy production, and digitalization and big data trends, the global weather market is expected to reach 17 bn USD by 2027, with an estimated growth rate of 9% to 12 % per year.
The funding round was led by Klima, Alantra’s Energy Transition Fund in partnership with Spanish gas grid operator Enagás. The round was completed by a leading US-based renewables and utility company.
“The amount raised will enable Meteomatics to further develop the technology to provide even higher value and services to customers, and reach out to new segments and geographies where we they not currently present”, emphasized Manuel Alamillo, Investment Director of Klima Energy Transition Fund. “Based on market trends and the development of Meteomatic’s services and products, we look towards the future with great confidence to further strengthen Meteomatic’s position as a global leader in weather intelligence.
“Meteomatics offers solutions for the energy sector focused on the optimal integration of renewable energies into the electricity market, accelerating the transition towards renewables, which is of utmost importance for achieving climate targets. In the case of aviation and insurance, we have developed a customised visualisation tool”, explained Martin Fengler, founder and CEO of Meteomatics. “Ultimately, weather data can add significant value across industries”.
Furthermore, Meteomatics is the first company in the world to produce autonomous weather drones (“Meteodrones”), which collect data from the atmosphere up to an altitude of 6 km to incorporate it directly into the calculation of weather models. Hence, fulfilling an important data gap in the lower and middle atmosphere, which greatly improves the forecast quality, especially on a local context.
Meteomatics is headquartered in St.Gallen, Switzerland and employs around 55 people in three countries (Switzerland, Germany and England).
(Press release / SK)
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