(Photo by Flickr user Scott Robinson, used under a Creative Commons license)
Weather Analytics is all about getting better data on coming weather, and delivering that data to the insurance industry. It’s an attractive proposition, apparently — on Wednesday Weather Analytics announced that it has raised $17 million in Series B financing. The round was funded by insurers Tokio Marine HCC and W. R. Berkley Corporation.
Weather Analytics was based in Virginia before moving to Silver Spring, Md. in 2013 after investment by the InvestMaryland fund. Now the predictive analytics company is based on 19th Street in Dupont Circle. According to a press release, the most recent round brings the company’s venture total to more than $30 million.
“This financing will accelerate scientific and technical innovation that vastly improve decision support in risk selection, pricing and policyholder services for insurance companies across the globe,” Bill Pardue, chairman and CEO of Weather Analytics said in a statement. “Established providers are charging insurers too much and delivering too little. Weather Analytics is disrupting that equation.”
Essentially, Weather Analytics is different because it uses lots and lots more historical and forecast weather data to make its predictions.