Just eight months after closing on a $23 million Series C, weather intelligence startup ClimaCell announced Tuesday that it has changed its name to Tomorrow.io and raised $77 million in fresh funding. The Series D was led by private equity firm Stonecourt Capital and brings the six-year-old company’s total funding raised to more than $185 million.
This announcement comes just one month after the company introduced Operation Tomorrow Space, a plan to launch a fleet of small radar-equipped satellites into space to improve its weather monitoring and forecasting capabilities.
While the company says the change to Tomorrow.io has been in the works for a year, the space announcement plus the Series D funding presented the perfect moment to unveil its new name, ushering in a new phase for the company. Co-founder and CEO Shimon Elkabetz says Tomorrow.io is moving beyond its original model of collecting weather data using things like IoT devices, focusing instead on disrupting the $4 trillion global weather, air quality and climate-risk industry with actionable insights.
“Tomorrow.io perfectly captures everything that businesses, individuals, and countries want from the weather industry. Tomorrow.io is not a weather company. We are not a meteorologist consulting-based company. We are a technology company disrupting the weather industry,” Elkabetz wrote in a recent blog post. “Climate change makes weather events more frequent and more volatile, and CEOs should start thinking about weather intelligence in the same way they think about their cybersecurity strategy. They need to think of tomorrow.”
This news also comes on the heels of what the Tomorrow.io describes as “hypergrowth.” The company has expanded its operations globally, and has seen a 200 percent net revenue retention rate and 850 percent annual contract value growth over the past two years. This is especially impressive considering many of its major customers (including Delta and JetBlue) were hit considerably hard by the pandemic. To adjust, the company spent the last year delving deeper into the supply chain, infrastructure and agriculture sectors too.
Now, with this fresh $77 million and the launch of its weather satellites, Rick Davis of Stonecourt Capital says there is a “larger opportunity at play here” for Tomorrow.io.
“What Tomorrow.io is building,” Davis said in a statement, “is only further proof that this company represents the future of weather forecasting for the entire planet. The privatization of the weather industry is now, and that type of vision is what compels the team here at Stonecourt Capital.”
Tomorrow.io says it plans to use this latest investment to launch more satellites, improve its product and accelerate its go-to-market activities. The company is also hiring at its Boston headquarters and offices in Boulder, Tel Aviv and India.
