Together with Khosla Ventures, Google announced an investment of $42 million into WeatherBill.
Over 90% of crop loss is due to inclement or unexpected weather conditions. With climate change in full swing, more and more agricultural businesses are at risk for unpredictable weather conditions.
WeatherBill uses an algorithm to calculate risk and sell insurance online against unpredictable weather.
WeatherBill’s flagship product, Total Weather Insurance (TWI) is a the first full-season weather protection program for U.S. farmers designed that addresses the adverse weather conditions they face every season. WeatherBill’s TWI provides the U.S. agriculture industry with a private-sector supplement to government-subsidized crop insurance.
Today Google (GOOG) Ventures is investing.
“Google Ventures’ mission is to identify and fund big ideas — and WeatherBill’s vision of helping farmers adapt to climate change aligns perfectly with that mission,” said Bill Maris, managing partner of Google Ventures, in a press release (bel0w). “WeatherBill’s founders, CEO, David Friedberg, and CTO, Siraj Khaliq, are ex-Googlers, so it’s understandable that they are working on turning the big problem of climate change into a big opportunity. Google Ventures is excited to support the WeatherBill team as they take on big data challenges and create products to protect a foundational global industry: agriculture.”
Existing investors include NEA, Index Ventures, Allen & Company, Atomico, First Round Capital and Code Advisors.
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