The Climate Corporation

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The Climate Corporation
Industry Financial Services
Fate acquired by Monsanto (2013)
Founded 2006
Headquarters San Francisco, CA, USA
Key people
  • David Friedberg: CEO & Founder
  • Siraj Khaliq: CTO & Founder
  • Gregory Smirin: COO
  • Kevin Vosen: Chief Legal Officer
  • Tjarko Leifer: VP New Markets
Website climate.com

The Climate Corporation is a San Francisco-based company that examines weather data to provide insurance to farmers who can lock in profits even in the case of drought, excessive rains or other adverse weather conditions.[1]

History[edit]

The company was founded as Weatherbill in 2006 by two former Google employees, David Friedberg and Siraj Khaliq.

On October 11, 2011, the company changed its name to The Climate Corporation and announced that former Senator Byron Dorgan had joined its Board of Directors.[2]

In October, 2013 Monsanto announced that it was acquiring the company for approximately $1.1 billion.[3]

Investors and underwriters[edit]

The Climate Corporation has raised nearly $110 million to date. On February 28, 2011, The Climate Corporation announced a $42 million Series B funding with new investors Khosla Ventures and Google Ventures joining New Enterprise Associates, Index Ventures, Allen & Company, First Round Capital, Atomico, and Code Advisors in the financing round. The capital was reportedly used to fund the company’s product and sales expansion in the U.S. and internationally.[4] An additional $50 million of Series C funding was announced on the company's web site on June 14, 2012.[5]

Products[edit]

The Climate Corporation combines Big Data,[6] climatology and agronomy to protect the $3 trillion global agriculture industry from increasingly extreme weather[7] with fully automated weather insurance products.

The company’s Total Weather Insurance (TWI) product addresses farmers' exposure to financial loss even when they fully utilize federal crop insurance programs. Total Weather Insurance protects farmers against weather events that cause production shortfalls, before multi-peril crop insurance (MPCI) kicks in. Unlike MPCI, which requires verification of crop yield and inspections prior to payment for damages, The Climate Corporation automatically sends payment when specified weather conditions occur, as measured by independent sources such as the National Weather Service.[8]

According to the company's website, all of The Climate Corporation’s insurance products are approved in all 50 states and are supported by an A.M. Best "A" rating.[9]

Technology[edit]

The Climate Corporation’s technology platform ingests weather measurements from 2.5 million locations and forecasts from major climate models on a daily basis, and processes that data along with 150 billion soil observations to generate 10 trillion weather simulation data points used in the company's weather insurance pricing and risk analysis systems. The company manages over 50 terabytes of live data in its systems at any given time.[10]

Further reading[edit]

References[edit]

  1. ^ Cook (2012-01-10). "The Climate Corp. picks Seattle for branch office, looks to cultivate talent to crunch weather data". Geek Wire”. Retrieved 2012-01-15. 
  2. ^ Hardy, Quentin (2011-10-11). "Big Data in the Dirt (and the Cloud)". New York Times Blog “Bits”. Retrieved 2011-12-15. 
  3. ^ Tsotsis, Alexia (October 2, 2013). "Monsanto Buys Weather Big Data Company Climate Corporation For Around $1.1". TechCrunch (United States). 
  4. ^ Gage, Deborah (2011-02-28). "Google Ventures, Khosla Make Rain For WeatherBill". Wall Street Journal Blog “Venture Capital Dispatch”. Retrieved 2011-12-16. 
  5. ^ "The Climate Corporation Raises $50 Million in Financing Round Led by Founders Fund". 2012-06-14. Retrieved 2013-11-23. 
  6. ^ Hardy, Quentin (2011-10-11). "Big Data in the Dirt (and the Cloud)". New York Times Blog “Bits”. Retrieved 2011-12-15. 
  7. ^ Insuring for Extreme Weather
  8. ^ "WeatherBill Changes Company Name to The Climate Corporation; Appoints Former U.S. Senator Byron Dorgan to Board of Directors". Corn&SoybeanDigest. 2011-10-10. Retrieved 2011-12-15. 
  9. ^ Financial Strength
  10. ^ "WeatherBill Changes Company Name to The Climate Corporation; Appoints Former U.S. Senator Byron Dorgan to Board of Directors". Corn&SoybeanDigest. 2011-10-10. Retrieved 2011-12-15. 

External links[edit]