WeatherXM, a firm specializing in weather technology, has recently raised $7.7 million in a Series A funding round. The round featured contributions from Protocol Labs, Borderless Capital, Arca, Alumni Ventures, Placeholder VC, Red Beard Ventures, and Metaplanet. The capital will boost crypto-friendly hardware, improve data quality, and hasten their decentralization efforts.
Focusing on developing weather stations that gather environmental data on a blockchain, WeatherXM aims to generate highly localized weather forecasts. Station operators can earn WXM, WeatherXM’s native governance token, as compensation for their contributions to data gathering and storage.
Recently announced, WXM tokens will be tradable on platforms including Uniswap v3 starting May 30th. Users will also have the opportunity to earn daily benefits and total beta rewards under the Arbitrum framework from the same date.
CEO of WeatherXM, Manolis Nikiforakis, spoke optimistically about the company’s future growth after the funding round.
WeatherXM’s fundraising for enhanced crypto hardware
Citing the firm’s last two years of successful global deployment of their weather stations at reduced costs, he aims to multiply their spread tenfold by 2025. He also highlighted their robust data analytics capabilities that can offer real-time, accurate weather forecasts and climatic data.
Nikiforakis shared his belief that increasing the number of weather stations can lead to acquiring more granular, localized weather data, potentially improving meteorological models and benefiting sectors such as agriculture, logistics, and urban planning.
In recognition of the firm’s ambition, Nikiforakis thanked his dedicated team and expressed gratitude for the confidence the funding parties have shown. He assured that WeatherXM’s advancements are guided by responsibility and sustainability, acknowledging their role in understanding and preserving our planet’s weather patterns.
WeatherXM’s weather stations start at $400, with models marketed to customers within the European Union. Their premium model, which measures numerous environmental conditions, is priced at $900. The company has reported selling 7,000 units and activating 5,000 weather devices across 80 countries.
After a seed funding round in June 2022, WeatherXM advanced its weather prediction technology. The round saw support from Metaplanet, Consensys Mesh, SOSV, Protocol Labs, Borderless Capital, and DLTx, enabling WeatherXM to harness meteorological data and expand into wider markets.
