Skymet, a weather forecasting services provider, has announced that it has secured an undisclosed amount of funding in its Series C round. The funding comes from InsuResilience Investment Fund, which was set up on behalf of the German government by KfW and is managed by Swiss-based impact investment manager BlueOrchard Finance.
While the company has not revealed the amount invested by InsuResilience in this round, it has said that it has acquired about 26.8% stake in the company. Omnivore Partners, which invested around ₹4.5 crore in the Series A round of funding for a 33% stake in the company in August 2011, has also participated in this round.
The funding will be used by the company to expand its Amazon Web Services network and secure new business in weather data, crop measurement, climate analytics, and disaster management. It also plans to extend its outreach to de-risk vulnerable Indian farmers from climate change.
Commenting on this development, Jatin Singh, founder and Managing Director of Skymet, said:
We are delighted to partner the InsuResilience Investment Fund and BlueOrchard on this journey. Their knowledge of climate change and insurance makes them an ideal partner for us.
With the investment of InsuResilience Investment Fund, the company’s existing investor Omnivore and British media firm Daily Mail & General Trust (DMGT) have taken partial exits in this funding round. However, the company refrained from disclosing any further details.
The company was founded was started by Jatin Singh in 2003 as a weather data service provider to television news channels and newspapers, which remained the company’s only business till 2006. Since then, the company forayed into providing data to power companies and crop insurance claim settlement service.