ClimaCell has a new funding round that is being led by Stonecourt Capital and joined by Highline Capital — this brings the total funding raised to more than $185 million, plus the company is also changing its name from ClimaCell to Tomorrow.io.
In February of 2021, Tomorrow.io announced Operation Tomorrow Space. The company is building the first-of-its-kind proprietary satellites equipped with radar, and launching them into space to improve weather monitoring and forecasting capabilities. The breakthrough technology represents a once-in-a-generation opportunity with decades of value on the horizon.
Tomorrow.io has been in hypergrowth mode since launching 5 years ago. Having expanded operations across North America, LATAM, EMEA, and APAC, the company brought its product offerings to market 2 years ago and has already achieved a 200% net revenue retention rate and 850% ACV growth during the past 2 years.
With customers including Uber, Ford, Delta, National Grid, and others, Tomorrow.io will use the funding to accelerate global SaaS operations for its weather intelligence platform and air quality offerings. In addition, Tomorrow.io will continue to focus on innovating its proprietary technology across artificial intelligence and machine learning, in addition to its space operations.
The company also today announced a name change which has been a year in the works. “Changing the name of a company is always a delicate process and timing is the most important part of that process,” said Dan Slagen, CMO at Tomorrow.io. “The combination of our space announcement in addition to the Series D presented the opportune timing to announce Tomorrow.io, leading us into our next phase as a company with the goal to bring better access to weather for every country, business, and individual on the planet.”
The company will legally operate under the name of The Tomorrow Companies Inc. moving forward.
“We are thrilled to be partnering with Stonecourt Capital to continue executing on our complete disruption of the $4 trillion global weather, air quality, and climate-risk industry,” said Shimon Elkabetz, CEO and Co-Founder of Tomorrow.io. “CEOs should think of weather intelligence like they think of cybersecurity. Climate change impact on business, governments, and people is real and here, and the vision we are executing on at Tomorrow.io – including our recent space announcement – is shared by the leadership at Stonecourt Capital, and we are fortunate to be working alongside their team.”
“While the company’s growth has been tremendous since launch, there is a larger opportunity at play here,” said Rick Davis, Partner at Stonecourt Capital. “What Tomorrow.io is building, corroborated by their recent announcement of launching radar-equipped satellites into space, is only further proof that this company represents the future of weather forecasting for the entire planet. The privatization of the weather industry is now, and that type of vision is what compels the team here at Stonecourt Capital.”