TAMPA, Fla .– Private equity firm TPG has invested $ 100 million in weather services start-up Climavision, which will combine satellite and terrestrial radar observations to improve climate intelligence.
Climavision, based in Louisville, Ky., Rolled out of stealth mode on June 2 after originating from Enterprise Electronics Corporation, a US supplier of weather radar systems to more than 1,200 facilities in 95 countries.
Climavision plans to deploy and operate 50 radars over the next two years to fill gaps in coverage predicted by government systems in the United States, said co-founder and CEO Chris Goode. SpaceNews.
âWe will augment the existing network with higher resolution X-band radars,â Goode said.
It also has an exclusive agreement to use radio occulting satellites from GeoOptics, based in Pasadena, Calif., To improve the accuracy of its forecasts for agriculture, insurance, renewable energy and other markets.
GeoOptics has three satellites in its operational fleet, which it seeks to expand as the National Oceanic and Atmospheric Administration look for more of his radio occultation survey data.
âThey are evolving their network while we are in the field with our terrestrial network, so this is a well-aligned partnership,â said Goode.
He added that building its own network, rather than relying on publicly available government data like other companies in this market, will improve the quality of its services.
âThe key to producing accurate forecasts is understanding the current state of the atmosphere,â he said.
âAnd that’s where these deviations come into play because we don’t fully characterize the current state of the atmosphere. Filling in the gaps will allow Climavision to do this and actually improve forecasting capabilities with it. “
Many of the coverage gaps it aims to fill are in rural areas, where it sees strong demand from agricultural and renewable energy companies for improved weather forecasting services.
The plans come in an increasingly dynamic weather intelligence market, where improvements in satellite data collection create new opportunities for companies.
PlanetWatchers, a UK-based crop monitoring startup that uses synthetic aperture radar (SAR) to quickly assess insurance claims, said on June 3 it had raised $ 3.5 million to support its plans growth.
Early stage space investor Seraphim Capital and deep tech fund Creative Ventures led the round.
âThe number of extreme weather events has increased by 400% over the past 40 years, leaving the crop insurance industry vulnerable as a victim of climate change,â said Champ Suthipongchai, general partner of Creative Ventures.