The company was founded in 2014 by Alex Kubicek and Brian Down initially focused on deploying a network of ground-level weather stations to improve real-time weather tracking and forecasting. The innovative stations, called Dots, measure wind, rain, hail, temperature, pressure, and humidity 125,000 times per second, offering detailed ground-level weather data.
In the ensuing years, the Wisconsin-based company has expanded its network globally, accumulating vast amounts of weather data. This has allowed Understory to build global catastrophe models. The company used these data sets to offer its own parametric insurance offerings.
One of the company’s key products is Dealers Open Lot insurance, which provides risk management for auto dealers across the U.S., saving clients millions in potential damages through early weather notifications.
The company has seen a 500% year-on-year growth in the past year leading up to its $15million Series A round. The company intends to use the funds to launch a new product aimed at the renewable energy industry.
The proprietary risk mitigation technology aims to help solar farms reduce hail repair costs by 50% by predicting weather events up to 45 minutes in advance, allowing operators to stow or move panels to minimise damage.
Alex Kubicek, CEO, commented: “The solar industry is currently facing significant challenges due to severe weather, our technology can mitigate these risks, turning potential multimillion-dollar losses into substantially smaller financial impacts.”
Source: TechCrunch
