US based startup Tomorrow.io raises USD 77 Million

Boston, Massachusetts, US based startup Tomorrow.io has raised USD 77 Million on 30th of March, 2021 in a Series D funding round led by private equity firm Stonecourt Capital. The company has secured a total funding of USD 183.9 Million in funding over 6 rounds.

Investors: The acquisition of USD 77 Million funds took place in a series B funding round led by private equity firm Stonecourt Capital with the participation of Highline Capital. 

What the funding is for: The freshly acquired funding would be utilized for expanding the company’s reach globally. According to the sources the company is also aiming to diversify its customer base and manage to sign up a number of large logistics companies, including major railways in the US and Mexico, but also smaller companies in the drone, autonomous driving and electric vehicle space.

About the company: Tomorrow.io. Is a privately held organization that develops a SaaS weather intelligence platform that provides real- time weather forecast. The company operates under the computer software industry. Its headquarters is established in the Greater Boston Area, East Coast, New England and has a work strength of around 51-200 employees. They also deal with various specialties like weather monitoring, big data and agriculture. 

What the CEO has to say: “The mission is to really help countries, business, and organizations to better manage their weather-related challenges, and the ambition was always to be the largest weather enterprise in the world, the most disruptive the most industry defining. And I think this is the perfect timing for us to come up with a new name not only because of the funding but because we were able to explain to ourselves that really, we are helping others take control of tomorrow, today.” — Rei Goffer, CEO at Tomorrow.io.

“We are an interesting company because we are a SaaS company that is now going to space. A lot of earth observation companies are now scratching their heads and saying, oh we cannot just sell observations, it is not monetizable or becoming a commodity. We now need to become a software company and build the platform and do the analytics.” — Shimon Elkabetz, Co-founder of Tomorrow.io.

What the investors have to say: “While the company’s growth has been tremendous since launch there is a larger opportunity to play here, what Tomorrow.io is building corroborated by their decent announcement of launching radar equipped satellites into space 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.” — Rock Davis, General Manager at Stonecourt Capital. 

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