Investment in this catastrophic insurance risk startup company now totals $60 million, primarily due to today’s large infusion of cash from Google Ventures. With statistical analysis and distributed computing for better weather forecasting, WeatherBill can offer farmers more competitive insurance rates. WeatherBill is as credible as any other in this field. The company was founded four years ago by two former Google employees, one of whom was Chief Technology Officer at Google.
I hope Weatherbill is successful. This story is a welcome change from news about over valued social media companies e.g. TechCrunch’s recent post about J.P. Morgan’s rumored investment of $450 million in Twitter.
Actually, it is a welcome change when a major venture capital investment is made in a business targeting farmers and growers.
Google Ventures, Khosla Make Rain For WeatherBill
WeatherBill Inc. is announcing $42 million in Series B funding from Google Ventures, Khosla Ventures and several previous investors… WeatherBill aggregates large amounts of weather data from the National Weather Service and other sources and applies statistical analyses to run large-scale simulations that assess the probability of weather occurring several years in advance anywhere on the globe.The company’s cost to provide insurance is dramatically lower than competitors, said Khosla Founder Vinod Khosla. “Agriculture is an unusual area for venture capital, but we submit that agricultural technology has the same potential as biotechnology had in pharmaceuticals or chips had in telecommunications,” Khosla said on Monday. Read more at blogs.wsj.com (February 28, 2011, 5:30 PM ET)