Tomorrow.io successfully launched its second satellite on this week’s SpaceX rideshare mission and announced an $87 million Series E investment round. Activate Capital led the fundraising round for the weather intelligence firm, with RTX Ventures, Seraphim, and Chemonics also participating.
Current investors, Pitango, Canaan, ClearVision, JetBlue Ventures, and SquarePeg Capital also participated.
This comes after SpaceX’s Transporter-8 mission on Monday included Tomorrow.io’s second satellite, R2. The satellite is equipped with a Ka-band precipitation weather radar. The company’s first satellite, R1, launched on the Transporter-7 mission in April.[1]
The weather intelligence company said its future constellation of more than 20 satellites will bring breakthroughs in forecasting and climate observation.
They are aiming for near real-time scans of precipitation and atmospheric profiles. This funding round will accelerate the constellation deployment and other strategic initiatives.
“We believe Tomorrow.io’s vertically integrated approach and satellite constellation will accelerate a paradigm shift in how millions around the globe use weather to adapt to the impacts of an evolving climate,” said Jon Guerster, partner at Activate Capital.
Tomorrow.io started as a space startup but decided to launch satellites to collect data from space the company said was unavailable.
The company was part of the spree of special purpose acquisition companies (SPACs). They later paid to end the deal, citing the poor performance of stocks for other growth-stage companies.
References
- Rachel Jewett, ‘Tomorrow.io Raises $87M in Series E Round,’ Via Satellite, 14 June 2023, https://www.satellitetoday.com/business/2023/06/14/tomorrow-io-raises-87m-in-series-e-round/[↩]
