WeatherXM Raises $7.7M in Series A Funding
Summary
WeatherXM AG, a Zug, Switzerland-based contributor to the WeatherXM Network, a provider of a decentralized physical infrastructure network (DePIN), raised $7.7M in Series A funding. Additional participating investors included Protocol Labs, Borderless Capital, Arca, Alumni Ventures, Placeholder VC, Red Beard Ventures, Metaplanet, GS Futures, Consensys Mesh, Westerly Ventures, dlab, Eleftherios Diakomichalis and Juan Benet. The company intends to use the funds to grow the team, and the network, and continue research and development in crypto-enabled weather hardware and decentralized infrastructure. Founded in 2022, WeatherXM produces a variety of weather station hardware devices that collect local environmental data, collaboratively building a ground sensor weather network. Each station includes a secure element that provides cryptographic proofs of the data collected, and data is stored on the Filecoin decentralized storage network, where it can be queried and processed to create hyper-local weather forecasts, as well as web3-native use cases such as onchain prediction markets and parametric weather insurance products.