A $7.7 million ‘Series A’ funding lead by Lightspeed Faction was raised by WeatherXM AG, a company that is creating the weather-focused decentralized physical infrastructure network (DePIN) called WeatherXM.
According to the sources, 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 also participated in the round.
Manolis Nikiforakis, co-founder and CEO of WeatherXM, said that the company’s board of directors will remain unchanged after the funding round. He also stated that WeatherXM will use the money to further develop hardware with crypto capabilities, enhance data quality and forecast algorithms, integrate third-party weather station manufacturers into the network and support its decentralization initiatives.
With the goal of producing hyper-local weather forecasts, WeatherXM manufactures weather sensors that gather environmental data and store it on the decentralized storage blockchain Filecoin. The ERC-20 token WXM, the platform’s native governance token, is awarded to those who manage these stations.
Nikiforakis said, “During the last two years, we proved our ability to manufacture and deploy thousands of stations globally at a fraction of the typical cost. Now it’s time to grow 10x: We want to be the largest weather station network in the world by the end of 2025, serving both traditional and new web3 markets.”
WeatherXM stations range in price from $400 to $500, with different prices for consumers in the EU. The most expensive model is $900. Each gadget detects pressure, temperature, humidity, sun radiation, wind direction, speed and precipitation. According to WeatherXM officials, 7,000 devices have been sold and 5,000 weather stations have been installed in 80 countries.
Prior to June 2022, WeatherXM raised $5 million in seed funding from a variety of sources, including Placeholder VC, Metaplanet, Consensys Mesh, SOSV, Protocol Labs, Borderless Capital, DLTx and others.
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